Business

FWD group inks insurance distribution deal with Vietcombank

Insurer FWD Group confirmed on November 12 its purchase of Vietcombank-Cardif Life Insurance (VCLI), an unit of Vietnam’s largest listed lender by market value, Vietcombank.
FWD group inks insurance distribution deal with Vietcombank ảnh 1Representatives of FWD Group and Vietcombank at the signing ceremony in Hanoi on November 12 (Photo baodautu.vn)


Hanoi (VNA) - InsurerFWD Group confirmed on November 12 its purchase of Vietcombank-Cardif Life Insurance (VCLI), an unitof Vietnam’s largest listed lender by market value, Vietcombank.

Vietcombank-Cardif Life Insurance is ajoint venture between the bank and BNP Paribas Cardif.

The transaction is subject to regulatoryapprovals, FWD and Vietcombank said.

During a signing ceremony held in Hanoi on November 12, FWD Group, the insurance arm of HongKong billionaire Richard Li’s investment group Pacific Century, also announcedthe group and Vietcombank have entered into anexclusive 15-year bancassurance partnership.

Under the agreement, Vietcombank will distribute FWD’s life insurance products, the bank said, without providingfurther financial details of the deal.

FWD Vietnam has a prominent advantage indigitalising all business processes, with a solid strategy of developingdiversified, simple and suitable products for each customer segment, which alignswith Vietcombank’s digital transformation strategies, said Nghiem Xuan Thanh, Chairman ofVietcombank.

Richard Li, Founder and Chairman of Pacific Century Group said the cooperation with Vietcombank is part of FWD's strategy to become a leading insurance distribution companyin Asia.

FWD has a presence in Hong Kong and Macau,Singapore, Japan, Thailand, Indonesia, Malaysia, the Philippines, and Vietnam./.

VNA
#Insurer FWD Group #purchase #Vietcombank-Cardif Life Insurance #joint venture #BNP Paribas Cardif #Pacific Century group #Richard Li #Hong Kong #Macau #Singapore #Japan #Vietnamplus #Vietnam News Agency
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