MetLife Inc, the Bank for Investment and Development of Vietnam (BIDV), and Bank for Investment and Development of Vietnam Insurance Corporation (BIC) signed an agreement on September 26 to establish a life insurance joint venture in Vietnam.
The JV follows a memorandum of understanding that was previously signed by both parties in July, and delivers on a key component of MetLife's strategy to expand its presence in emerging markets.
At the same time, the JV also represents BIDV's strategic direction into the field of life insurance, which is in line with and complements the bank's business tradition.
The new JV will have a charter capital of 1 trillion VND(48 million USD) and MetLife will own 60 percent of the company and BIDV and BIC will have the remaining 40 percent.
The joint venture will initially focus on offering life and health insurance products.
Alongside the establishment of the JV, there is also an exclusive bancassurance distribution agreement between the JV and BIDV.-VNA
The JV follows a memorandum of understanding that was previously signed by both parties in July, and delivers on a key component of MetLife's strategy to expand its presence in emerging markets.
At the same time, the JV also represents BIDV's strategic direction into the field of life insurance, which is in line with and complements the bank's business tradition.
The new JV will have a charter capital of 1 trillion VND(48 million USD) and MetLife will own 60 percent of the company and BIDV and BIC will have the remaining 40 percent.
The joint venture will initially focus on offering life and health insurance products.
Alongside the establishment of the JV, there is also an exclusive bancassurance distribution agreement between the JV and BIDV.-VNA
