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.
Representatives of FWD Group and Vietcombank at the signing ceremony in Hanoi on November 12 (Photo baodautu.vn)
Vietcombank-Cardif Life Insurance is a joint venture between the bank and BNP Paribas Cardif.
The transaction is subject to regulatory approvals, FWD and Vietcombank said.
During a signing ceremony held in Hanoi on November 12, FWD Group, the insurance arm of Hong Kong billionaire Richard Li’s investment group Pacific Century, also announced the group and Vietcombank have entered into an exclusive 15-year bancassurance partnership.
Under the agreement, Vietcombank will distribute FWD’s life insurance products, the bank said, without providing further financial details of the deal.
FWD Vietnam has a prominent advantage in digitalising all business processes, with a solid strategy of developing diversified, simple and suitable products for each customer segment, which aligns with Vietcombank’s digital transformation strategies, said Nghiem Xuan Thanh, Chairman of Vietcombank.
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 company in Asia.
FWD has a presence in Hong Kong and Macau, Singapore, Japan, Thailand, Indonesia, Malaysia, the Philippines, and Vietnam./.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) inaugurated its representative office in the US, on November 1.
Vietcombank is heading to Australia and could open for business in Sydney within the next 12 months.
Bank for Foreign Trade of Vietnam (Vietcombank) reported $757.59 million in consolidated profit in the first nine months of this year, surging 50.6 percent from the same time last year and reaching 85.8 percent of the yearly plan.