Thursday, August 17, 2017 - 18:58:42

Canadian insurance firm buys 35 percent BIC stake

VNA Print

Transaction is being taken at the BIDV Insurance Corporation (BIC). (Photo: vtc.vn)

Hanoi (VNA) -
Fairfax Asia Limited, a subsidiary of Canadian insurance and reinsurance firm Fairfax Financial Holdings Limited, has bought 41 million shares in the BIDV Insurance Corporation (BIC).

With this 35 percent stake, Fairfax Asia will become a strategic investor of BIC.

Fairfax Asia and BIDV signed an agreement to this effect on May 4, 2015.

The finance ministry on August 8, 2015, approved in principle Fairfax Asia's plan to become a strategic shareholder of BIC.

BIC holds a 65 percent stake in Lao Viet Insurance Company and a 51 percent stake in Cambodia Vietnam Insurance Plc. It established a representative office in Myanmar in June 2015.

As of the third quarter of 2015, BIC earned 765.4 billion VND (34 million USD) in revenue and 94 billion VND (4.17 million USD) in pre-tax profits.

Fairfax Financial Holdings, established in 1985, has assets worth 42 billion USD and earned 550.4 million USD in pre-tax profits in the first nine months of 2015.-VNA
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