Wednesday, October 10, 2012

Standard Life - New insurance company in Singapore

Standard Life, a leading long term savings and investments company, is now in Singapore.

Said its press release:

Standard Life launches in Singapore, as part of long term investment in Asia Pacific region

Standard Life, a leading long term savings and investments company, today announced that it is expanding its retail investment business in the Asian market with the establishment of its first full service branch in Singapore. The move is part of the Group’s strategy to accelerate its access to the high growth, high value markets within Asia and Emerging Markets.

This move follows the granting of full insurance licence approval from the Monetary Authority of Singapore (MAS) allowing the Group to operate in the defined market segment. Situated in Singapore’s Central Business District, Standard Life will be open for business from this month. It will be a branch of Standard Life International Ltd and will be led by Chief Executive Officer and Principal Officer, Neal Armstrong, who will be responsible for the overall sales and business development of Standard Life in Singapore. Neal has joined Standard Life from Zurich where he was Director of Zurich Life Insurance and Principal Officer of Zurich International Life in Singapore. He brings a wealth of experience in both the international long term savings and investment industry and of operating in the Singapore market.

As one of the top four financial centres globally, Singapore is significant and fast-growing. Recognising the potential in this thriving market, Standard Life has chosen Singapore as an ideal market to expand into.

Nathan Parnaby, Chief Executive Officer, Asia and Emerging Markets, Standard Life said, “Our long term ambition within Asia is to build a leading retail savings and investment business. Singapore is a large and respected financial centre and we are committed to building a successful business from there, focused on delivering high quality products for customers.

“We have a proven track record in delivering sustainable growth, built on our distribution, platforms and investment management expertise. We believe today’s licence approval provides another great opportunity for our business within this new and exciting, high-growth market.”

Neal Armstrong, Chief Executive Officer and Principal Officer, Standard Life Singapore, added, “Singapore is a key cornerstone for Standard Life’s long term vision in the region. We see clear synergies between Standard Life’s strong global heritage and Singapore’s vibrant insurance industry. Standard Life’s solid foundations combined with a forward-looking drive has allowed the company to continue to grow globally and we are thrilled to soon be able to offer greater savings and investments choice to those actively looking to manage their future in this thriving city-state.

“We plan on bringing a strong and differentiated proposition to the market. Standard Life will offer a range of investment plans tailored specifically for high-net worth Singaporean residents and expatriates looking for flexible medium-to long-term savings products that can be easily accessed globally and travel with them should they have to relocate to another country of residence. Typically, our plans will be used for retirement planning, education fees or building a nest egg and will offer a more holistic information based service to customers considering their wider estate, tax and succession planning impacts of a move elsewhere.”

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