Canadian insurer to acquire BIDV Insurance stake
Canada's Fairfax Asia Limited will acquire some 41 million shares, or 35
percent, of BIDV Insurance Corporation, thus becoming a strategic
investor in the firm.
Canada's Fairfax Asia Limited will acquire some 41 million shares, or 35
percent, of BIDV Insurance Corporation, thus becoming a strategic
investor in the firm.
The two parties signed a contract at BIDV Insurance headquarters in Hanoi on May 4. Officials said they expect to carry out the sale in the third quarter of this year, adding that this process would depend upon the approval of Vietnamese authorities.
Fairfax Asia is a subsidiary of Toronto-based global insurer and reinsurer Fairfax Financial Holdings. After completing the acquisition, Fairfax will have two members on the management board and two on the supervisory board of BIDV Insurance.
The Canadian partner is to provide BIDV Insurance with technical assistance related to underwriting, investment and risk management, as well as information technology and the development of distribution channels.-VNA
The two parties signed a contract at BIDV Insurance headquarters in Hanoi on May 4. Officials said they expect to carry out the sale in the third quarter of this year, adding that this process would depend upon the approval of Vietnamese authorities.
Fairfax Asia is a subsidiary of Toronto-based global insurer and reinsurer Fairfax Financial Holdings. After completing the acquisition, Fairfax will have two members on the management board and two on the supervisory board of BIDV Insurance.
The Canadian partner is to provide BIDV Insurance with technical assistance related to underwriting, investment and risk management, as well as information technology and the development of distribution channels.-VNA
You should also see
PM requires full legal corridor to promote national digital transformation
Prime Minister Pham Minh Chinh on April 24 requested more efforts to step up institutional improvement, create a full legal corridor to promote national digital transformation and develop the digital economy while addressing the eighth meeting of the National Committee for Digital Transformation.
See more
Business
Tra fish export to UAE jumps 67% in Q1
Vietnam’s tra fish export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year, according to statistics of the General Department of Customs.
Business
Vietnam seeks to remove obstacles in upgrade of securities market
The State Securities Commission of Vietnam (SSC) recently held an online working session with the World Bank (WB) and the Asia Securities Industry and Financial Markets Association (ASIFMA) to discuss ways to remove obstacles related to criteria for upgrading the Vietnamese securities market.
Business
Ca Mau: Conference connects Vietnamese, Chinese firms
A networking conference was held in the Mekong Delta province of Ca Mau on April 24, in a bid to connect 54 local enterprises, mostly operating in the seafood sector, to their Chinese peers.
Business
Mining Vietnam 2024 opens in Hanoi
The 6th International Mining and Minerals Recovery Exhibition for Vietnam (Mining Vietnam 2024) kicked off in Hanoi on April 24.
Business
Standard Chartered revises down Vietnam’s GDP growth forecast in 2024 to 6%
Standard Chartered Bank has lowered Vietnam’s GDP growth forecast in 2024 to 6% from the previous 6.7% due to lower-than-expected Q1 growth and global trade headwinds.
