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 September 2004
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: Launch of Suzhou branch
For Immediate Release: Tuesday 28 September 2004
CITIC Prudential continues to expand in China with launch of Suzhou branch
Tuesday 28 September 2004
Prudential plc's life insurance joint venture with CITIC has expanded its
presence in China with the launch today of CITIC Prudential Suzhou. The new
operation is the first Sino-British life insurance joint venture in Suzhou and
was launched with the approval of the China Insurance Regulatory Commission
(CIRC). The new branch adds to CITIC Prudential's existing operations in
Guangzhou and Beijing.
Mark Norbom, Chief Executive of Prudential Corporation Asia, said "Our launch in
Suzhou is a clear sign of our strong commitment to China. It also highlights the
excellent progress we are making towards our goal of building a material
business that meets the life insurance needs of the Chinese people. The launch
of CITIC Prudential Suzhou is another well planned step in our strategy for
growth in China and we look forward to further licences in the future."
Ju Weimin, Director and Chief Financial Officer of CITIC Group said, "With
successful operations in Guangzhou and Beijing CITIC Prudential has a proven
track record of growth and we are very pleased to expand our successful
partnership with Prudential to Suzhou. These three operations are an outstanding
foundation as we continue the expansion of CITIC Prudential across China."
Captain Chia, CEO China CITIC Prudential Life added, "Our new Suzhou operation
will benefit enormously from the learnings and successes of our existing
operations in Beijing and Guangzhou. As is the case with all our operations in
China, we will focus on building high quality distribution and offering a wide
range of savings and protection products."
CITIC Prudential Suzhou will be headed by General Manager Bruce Wang.
CITIC Prudential first established a presence in China with the launch of its
Guangzhou operation in October 2000, and has been growing rapidly since. In
August 2003, it opened its Beijing operation. Today, the company has over 6,000
staff and agents in China.
- ENDS -
Enquiries to:
Media Investors/Analysts
Clare Staley 020 7548 3719 Rebecca Burrows 020 7548 3537
Marina Lee-Steere 020 7548 3511
Notes to Editor:
About Prudential
Prudential plc is a leading international financial services group, providing
retail financial services and fund management in its chosen markets: the United
Kingdom, the United States, Asia and continental Europe.
Prudential has been writing life insurance in the United Kingdom for over 150
years and has had the largest long-term fund in the United Kingdom for over a
century. Today, Prudential has over 16 million customers worldwide and GBP170
billion of funds under management (as at 30 June 2004).
In the United Kingdom Prudential is a leading life and pensions provider
offering a range of retail financial products. M&G is Prudential's UK & European
Fund Manager, with over GBP112 billion of funds under management (as at June
2004). Jackson National Life, acquired by Prudential in 1986, is a leading
provider of long-term savings and retirement products to retail and
institutional customers throughout the United States. Egg plc, in which
Prudential has a 79 per cent shareholding, provides banking, insurance and
investment products through its internet site www.egg.com.
Prudential is the leading European-based life insurer in Asia with 23 operations
in 12 countries. Across the region Prudential Corporation Asia has 11 operations
with a top-five market share.
* Prudential plc, a company incorporated and with its principal place of
business in the United Kingdom, and its affiliated companies, constitute one of
the world's leading financial services groups. It provides insurance and
financial services directly and through its subsidiaries and affiliates
throughout the world. It has been in existence for over 150 years and has GBP170
billion in assets under management, as at 30 June 2004. Prudential plc is not
affiliated in any manner with Prudential Financial, Inc, a company whose
principal place of business is in the United States of America.
About CITIC Group (China International Trust and Investment Corporation)
CITIC was established on October 4 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 Frankfurt. CITIC's core business ranges from financial
services to service industries. By the end of 2003, CITIC had total assets of
over RMB 596 billion (US$72 billion).
Forward-Looking Statements
This statement may contain certain "forward-looking statements" with respect to
certain of Prudential's plans and its current goals and expectations relating to
its future financial condition, performance, results, strategy and objectives.
Statements containing the words "believes", "intends", "expects", "plans",
"seeks" and "anticipates", and words of similar meaning, are forward-looking. By
their nature, all forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances which are beyond
Prudential's control including among other things, UK domestic and global
economic and business conditions, market related risks such as fluctuations in
interest rates and exchange rates, and the performance of financial markets
generally; the policies and actions of regulatory authorities, the impact of
competition, inflation, and deflation; experience in particular with regard to
mortality and morbidity trends, lapse rates and policy renewal rates; the
timing, impact and other uncertainties of future acquisitions or combinations
within relevant industries; and the impact of changes in capital, solvency or
accounting standards, and tax and other legislation and regulations in the
jurisdictions in which Prudential and its affiliates operate. This may for
example result in changes to assumptions used for determining results of
operations or re-estimations of reserves for future policy benefits. As a
result, Prudential's actual future financial condition, performance and results
may differ materially from the plans, goals, and expectations set forth in
Prudential's forward-looking statements. Prudential undertakes no obligation to
update the forward-looking statements contained in this statement or any other
forward-looking statements it may make.
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 28 September 2004
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Clare Staley
Group Media Relations Manager