The Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation (BIC) has announced it will pour nearly 5 million USD into its subsidiary companies in Laos and Cambodia .

Under BIC’s plan recently approved by the Finance Ministry, the corporation will spend 420,000 USD to increase its stake in the Laos-Viet Insurance Joint Stock Company (LVI) from the current 51 percent to 65 percent.

BIC will also buy back the 65 percent stake of the Cambodian Investment and Development Co. , Ltd ( IDCC ) worth 4.55 million USD in the Cambodia-Vietnam Insurance Joint Stock Company (CVI).

Established in 2008 with a chartered capital of 3 million USD, LVI currently holds the second largest share in Laos ’ insurance market.

CVI was set up in 2009 with a chartered capital of 7 million USD. It is now the fourth largest insurer in Cambodia , with an average annual premium growth of 70 percent in the 2010-2012 period.-VNA