British insurer Prudential (PRU.L) has signed a distribution deal with Singapore's United Overseas Bank it hopes will boost its presence in the area and also in Indonesia and Thailand, the Financial Times reported.
The newspaper said as part of the deal the Pru would also acquire UOB's Singaporean life assurance business for about 193 million pounds ($430.9 million).
The FT, which cited people familiar with the deal, said the move could be announced later on Wednesday. Under the terms of the deal UOB will sell only Pru products in the three countries — Singapore, Indonesia and Thailand.
No one at Prudential was immediately available to comment.