American International Group, the world's largest insurer, on Thursday said it will extend its partnership with the Bank of Investment and Development of Vietnam (BIDV), becoming the latest foreign financial firm to strengthen ties in the fast-growing economy.
The memorandum of understanding (MOU) will focus on banking, insurance and finance. The two companies have been linked since 2005 through a business cooperation with AIA Vietnam, AIG's life insurance unit.
Its latest agreement will extend the partnership to include general insurance, consumer finance, asset management, banking services and training support.
AIG said it was attracted by economic growth of 7 to 8 percent annually in Vietnam for the past six years.
BIDV, which has $12.5 billion in assets and is also known as Vietindebank, is planning an IPO for the fourth quarter. It is Vietnam's third-largest bank.
Foriegn financial services companies Morgan Stanley, Citigroup, Credit Suisse and Deutsche Bank are all forging ties to Vietnam by linking up with local partners and making equity investments.
Source: Reuters
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