UK's Prudential to buy United Overseas Bank's insurance unit

Britain's Prudential Insurance will buy the life insurance unit of Singapore's lender United Oversea

Prudential also entered into a 12-year partnership with UOB to distribute insurance products through UOB's branches in Singapore, Thailand and Indonesia.

The deal will help Prudential to increase its market share in Southeast Asia against AIA, a unit of AIG, and Singapore bank OCBC's insurance unit Great Eastern.