TMBThanachart Bank Public Company Limited and its Subsidiaries (Formerly TMB Bank Public Company Limited and its Subsidiaries) Notes to the financial statements For the year ended 31 December 2021 108 Key components of the agreements entered into between the parties can be summarised as follows: • Prudential will have the exclusive rights to sell the life insurance products through the network of the Bank, TBCO Public Company Limited (TBCO) (Formerly Thanachart Bank PCL) and subsequently the merged bank for an initial term of 15 years, with effect on and from 1 January 2021. • To facilitate customer services of both banks during the transition period in 2020, the Bank continued to sell the life insurance products of FWD until the end of 2020 and also onboarded the products of Prudential through the various channels operated by the Bank. The transition period lasted between 1 April 2020 and 31 December 2020. Revenue of Baht 1.3 billion was recognised in 2020 from Prudential’s acquisition of rights under the original bancassurance agreement between the Bank and FWD. Revenue to be gradually recognised throughout the combined initial contractual term and transition period (15 years 9 months) is Baht 20.8 billion, starting 1 April 2020. 28 Other liabilities Consolidated Bank only 2021 2020 2021 2020 (in million Baht) Accrued expenses 5,938 5,566 5,899 3,587 Accrued interest expenses 394 762 386 282 Deposits and guarantees received 309 287 309 231 Collateral on derivative transactions 871 3,846 871 3,205 Suspense accounts electronic money and money transferred 272 512 272 212 Suspense accounts - others 2,713 2,511 2,711 1,827 Other payables 509 829 509 180 Corporate income tax payable 851 1,758 851 268 Others 4,663 4,063 4,394 1,677 Total 16,520 20,134 16,202 11,469 352 TMBThanachart Bank Public Company Limited
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