SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of August, 2003
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
Enclosures: CITIC Prudential Beijing
Wednesday 27 August 2003
Sino-British financial giants expand successful partnership with launch of CITIC
Prudential in Beijing
CITIC and Prudential's successful life insurance partnership was further
strengthened today when they announced their launch of CITIC Prudential Beijing.
The new operation is the first Sino-British life insurance joint venture in
Beijing, and was launched today following approval from the China Insurance
Regulatory Commission (CIRC).
"Prudential is firmly committed to building its business in Asia for the long
term. China has one of the world's most rapidly developing insurance markets and
is a very high priority for us", commented Mr. Jonathan Bloomer, Group Chief
Executive, Prudential plc. "Our launch in Beijing today is an important
milestone for both our business in China, as well as our partnership with
CITIC."
Mr. Wang Jun, Chairman of CITIC Holdings continued, "We are very pleased to
expand our relationship with Prudential to Beijing. CITIC's local market
knowledge and strong distribution, and Prudential's over 150 years of life
insurance experience are a powerful combination. Our partnership provides a
strong foundation upon which we can build a substantial life insurance business
in Beijing and eventually, the rest of China."
Mr. Dominic Leung, Managing Director Greater China, Prudential Corporation Asia
added, "CITIC Prudential's focus on understanding our customers' needs is an
important part of the way we operate. We intend to continue our successful track
record by listening to the people of Beijing and offering a wide range of
savings and protection products designed to meet their needs."
CITIC Prudential Beijing will be headed by Mr. Calvin Chang, General Manager,
and will offer Beijing customers innovative products and excellent service
through its high quality agents.
CITIC Prudential first established a presence in China with the launch of its
Guangzhou operation in October 2000, and has been growing rapidly since. It is
already number four in the Guangzhou market in terms of new business with a
share of 14 per cent. CITIC Prudential now has over 4,000 staff and agents and
continues to build high quality distribution and focus on delivering excellent
customer service.
-ENDS-
Enquiries to:
Media Investors/ Analysts
Clare Staley 020 7548 3719 Rebecca Burrows 020 7548 3537
Ben Forsyth 020 7548 3500 Laura Presland 020 7548 3511
Notes to Editors:
About Prudential
Founded in London in 1848, Prudential plc is one of the UK's leading retail
financial services companies with over US$260 billion in funds under management
worldwide (as of 30 June 2003).
Today Prudential is internationally diversified and amongst the leading
companies in its chosen markets in the UK, the US and Asia.
Prudential plc has deep roots in Asia having established its first operation in
1923. Today it is the UK's largest life insurance company in the region with
life operations in 12 countries and complementary asset management operations in
seven of these. BOCI-Prudential is also one of the leading Mandatory Provident
Fund players in Hong Kong.
Alongside its wholly owned operations in Asia, Prudential has forged successful
joint ventures and strategic alliances with some of the region's leading
financial institutions including CITIC, Bank of China International, India's
ICICI Bank and Standard Chartered Bank.
About CITIC (China International Trust and Investment Corporation)
China International Trust and Investment Corporation (CITIC) was established on
4 October 1979 by Rong Yiren. The creation of CITIC was initiated and approved
by Deng Xiaoping, chief architect of China's reform.
CITIC is a window on the way China has opened to the outside world. Since its
inception, CITIC has always adhered to the principle of innovation. In line with
government laws, regulations and policies, CITIC has attracted and utilized
foreign capital, introduced advanced technologies, and adopted advanced and
scientific international practices in operations and management. CITIC has
established successful, strong performing businesses in many fields. As a
result, CITIC has made significant contributions to the country's reform and
opening up drive and has improved China's reputation both domestically and
abroad.
CITIC has grown into a large multinational conglomerate. It now owns 44
subsidiaries in countries including Hong Kong, the United States, Canada,
Australia and New Zealand. The company has also set up representative offices in
Tokyo, New York and Rotterdam. CITIC's core business ranges from financial
services to service industries. By the end of 2002, CITIC had total assets of
over RMB 501 billion (US$59 billion).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date 27 August 2003
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Steve Colton
Steve Colton
Group Head of Media Relations