ASIANET: Another Vote of Confidence in Taiwan As UK Financial Services Giant Prudential Launches its S.I.T.E.

Launches its S.I.T.E.

TAIPEI, Taiwan, Dec. 14 /PRNewswire Asia-AsiaNet/ -- Leading UK financial services group Prudential plc (Prudential) today confirmed its positive view of Taiwan's long term growth potential with the official launch of its Taiwanese mutual fund company under the Prudential Chinese name and its Prudence logo. A cocktail party was held today to celebrate this launch.

Prudential believes Taiwan is a strong and growing market for financial services products such as insurance and mutual funds. Prudential first established a presence in Taiwan with the November 1999 purchase of a stake of over 80% in Chinfon Life, one of Taiwan's top ten life insurance companies. On 12 October 2000, Prudential acquired 89% of Core Pacific Securities Investment Trust Enterprise. This new S.I.T.E. operation for Prudential has over US$ 1.4 billion funds under management as at November 30.

Commenting on the S.I.T.E. acquisition, Mr. Mark Tucker, Chief Executive of Prudential Corporation Asia (PCA) said "We have enormous faith in the strength of Taiwan's economic infrastructure and we remain very optimistic about Taiwan's long-term growth potential. The launch of our mutual funds company is another vote of confidence in the strength of Taiwan's economic outlook and the will of its people to forge a prosperous future for themselves and their families".

The new S.I.T.E. company is part of Prudential's expansion of its fund management operations across the Asian region. Mr. Ajay Srinivasan, Regional Director of Mutual Funds, PCA said, "We are very excited about Prudential's new investment in Taiwan. We have a great management team under the leadership of Thomas Tsao.

In addition to making a contribution to the development of the financial services market in Taiwan, the launch of our S.I.T.E. will also mean we can meet more of the financial services needs of our Taiwanese customers".

Established in London in 1848, Prudential is a leading life insurance and retail mutual fund company in the UK, with over US$270 billion funds under management.

In addition to Jackson National Life in USA, Scottish Amicable and M&G in the UK, Prudential is the majority shareholder of egg:1, the fastest growing retail financial services internet company in Europe, which attracted over 1 million customers in its first l8 months.

Prudential first established its presence in Asia in 1923. Today, Prudential is the UK's largest life insurance company in Asia with offices in eleven countries and a network of over 26,000 agents and staff across Asia. In addition to wholly owned operations, Prudential has formed successful joint venture partnerships and strategic alliances in Asia to access more customers and meet more of their needs.

In 1998 Prudential formed a partnership with Industrial Credit and Investment Corporation of India (ICICI) in the mutual funds business. In two years, Prudential ICICI has grown to become the #1 private sector mutual fund company in India in terms of assets under management.

CONTACT:

Ajay Srinivasan

Regional Director of Mutual Funds

Prudential Corporation Asia

Tel: 852-2918-6300

SOURCE Prudential Corporation Asia Ltd

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