Vietnam’s biggest bank seeks insurance partnerJune 25 2018 by InsuranceAsia News Staff
Vietnam’s biggest listed bank by market value, the Bank For Foreign Trade of Vietnam JSC (Vietcombank), is looking for a new insurance distribution partner in a deal that could be worth as much as US$1 billion, according to a Bloomberg report.
Vietcombank has reportedly hired Credit Suisse to advise on finding partner insurers for the exclusive rights to distribute life products through its branch network.
Initial information showed that the bancassurance deal could be for at least 10 years.
Vietcombank, based in Hanoi, has more than 15,000 employees with over 500 banking outlets and 2,300 ATMs.
In 2007, the bank partnered with Cardif and SeABank, another Vietnamese lender, to develop insurance products.
- January 11
The agreement extends original alliance that started in 2010 for a fee of US$851m.
- December 31
Petrolimex Insurance Corporation and Woori Bank have signed a bancassurance agreement.
- October 15
Another major bancassurance deal is under review in Asia.
- October 9
Asia CEO Nic Nicandrou is keen to spend some money on acquisitions in the region.