Prudential Financial : DHFL, Prudential Financial, Inc., to expand partnership; form asset management joint venture for Indian customers

DHFL, Prudential to each own 50% of the business; Pramerica Asset Managers to become DHFL Pramerica Asset Managers, following regulatory approvals
  MUMBAI, India (Oct. 28, 2014)-Dewan Housing Finance Corporation Limited (DHFL) and Prudential Financial, Inc. (NYSE: PRU), announced today that they have agreed to form an asset management joint venture with DHFL acquiring a 50 percent stake in Pramerica Asset Managers Pvt. Ltd., Prudential's asset management business in India. Last year, DHFL and Prudential joined forces to create a life insurance joint venture, DHFL Pramerica Life Insurance Company, which serves the life insurance needs of customers across cities and towns in India.

Under the terms of the new asset management joint venture agreement, each company will own 50 percent of the business. The joint venture company will be renamed DHFL Pramerica Asset Managers Pvt. Ltd., following regulatory approvals and closure of the transaction.

DHFL is India's second largest private housing finance company with a focus on enabling financial access to lower and middle income customers through its wide network across the country. Prudential, which does business under the trade name Pramerica in select countries outside the United States, ranks among the world's top 10 institutional asset managers, based on assets as of Dec. 31, 2013, according to Pensions & Investments' annual money manager survey.

Statement from Kapil Wadhawan, chairman and managing director, DHFL:

"In line with DHFL's vision of enabling financial access to all Indians, especially the low and middle income customers, we forayed into life insurance through a joint venture partnership with Pramerica. Today, I am pleased that DHFL's relationship with Prudential is being further strengthened, with the forging of our joint venture partnership in the asset management business. We shall now be able to provide quality asset management products and solutions, specially designed for the low and middle income customers. I believe that we can significantly enhance financial inclusion and wealth building at the grassroots level by distributing these products through DHFL's wide network."

Statement from Glen Baptist, president, Pramerica International Investments:

"We are pleased to form this partnership with DHFL, bringing together Prudential's expertise in investment management as a top 10 global asset manager, and DHFL's local market knowledge and distribution network, to position our business in India for success over the long term. This new venture demonstrates our ongoing commitment to India, and we jointly intend to invest in the business to bring new ideas and solutions to meet the investment needs of our institutional and retail clients across India. DHFL's distribution network will enhance our ability to offer a broader array of products and services to a wider range of customers and clients. We look forward to continuing to serve the long-term investment needs of our clients."

Notes to editors:

DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access for Indians to own a home of their own.. Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is CARE AAA rated and reckoned as one of India's leading financial institutions with branch presence of over 300 across the country, in addition to representative offices in Dubai and London. Throughout its years of growth, DHFL has stayed true to its core vision of financial inclusion, especially to the low and middle income customers across India. The company's wide network, coupled with insights into local customer needs, has enabled the company to provide meaningful financial access to customers even in India's smallest towns. With a strong business foundation, an extensive distribution network, proven industry expertise and a deep understanding of the Indian customer, DHFL is a respected and trusted financial services company in India.  For further information, please visit www.dhfl.com.

Pramerica Asset Managers Pvt. Ltd. (Pramerica AMC), a wholly owned subsidiary of Prudential Financial, Inc., is the asset management company for Pramerica Mutual Fund, registered with Securities & Exchange Board of India. Headquartered in Mumbai, Pramerica AMC has a presence in 19 cities across the country including branches in Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata and Pune. Pramerica AMC brings a rich blend of global resources, intellectual acumen and local investment expertise and is committed to designing superior and meaningful, wealth-building solutions for our investors. Pramerica AMC provides unique training and education programs for building exceptional capabilities and best business practices for its business associates.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1.1 trillion of assets under management as of June 30, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.www.news.prudential.com.