The Bank for Foreign Trade of Viet Nam (Vietcombank) has teamed up with the Southeast Asia Commercial Joint Stock Bank (Sea Bank) and the Cardif Company - an affiliate of the French BNP Paribas Group - to establish a life insurance company.
Under a tripartite agreement signed in Ha Noi on Jan. 30, the Vietcombank-Cardif Life Insurance Co. Ltd., (VCB Cardif) has a chartered capital of 140 billion VND (8.75mio US$), 45% of which will be contributed by Vietcombank, 43% by Cardif, and the remaining 12% by Sea Bank.
VCB Cardif will provide a wide range of services, focusing on life insurance, health insurance, accident insurance, fund management and capital investment as well as other fields related to life insurance.
Vietcombank General Director Vu Viet Ngoan said the association with Cardif - an international leading firm in supplying Bancassurance services - will help meet clients' growing demands for package financial services and realize the bank's ambition to become one of the leading financial groups in the region.
Bancassurance - the selling of insurance and banking products through the same channel - has been initiated in Viet Nam in the 1980s, but has seen slow development.
Therefore, VCB Cardif is expected to make a breakthrough in the domestic Bancassurance services market.
Source: VNA
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