Talanx to up stake in PetroVietnam Insurance

April 23 2018 by InsuranceAsia News Staff

A unit of German insurer Talanx plans to raise its ownership in Vietnamese insurer PetroVietnam Insurance (PVI) to at least 49% from the current 47%.

PetroVietnam, the state-run oil and gas group, would divest some of its 35% holding in the insurance company to unlisted HDI Global SE, a unit of Talanx, which first acquired a 25% stake in PVI in 2011, later raising its ownership to 47%.

In a meeting with Deputy Prime Minister Vuong Dinh Hue, Christian Hinsch, deputy chairman of the management board of Talanx Group, said the group hopes the Vietnamese government will raise the ownership cap for foreign investors in Vietnamese firms to over 49%.

In response, Hue said the government wants industry restructuring to develop the insurance market in Vietnam, and that the government will assign the Ministry of Industry and Trade to study whether an increase of foreign investors’ ownership in PVI is permissible.

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