News Life and Health06 Nov 2019

Vietnam:Local bank withdraws from insurance JV for likely new investor

06 Nov 2019

State owned Vietcombank is selling its stake in a joint venture with French life insurance company BNP Paribas as part of a possible bancassurance deal with a foreign buyer.

The joint venture Vietcombank-Cardiff Life Insurance (VCLI) is a 45:55 joint venture between Vietcombank, Vietnam’s largest lender by market capitalisation, and BNP Paribas Cardif, part of France's BNP Paribas banking group, reported VN Express.

Although Vietcombank’s announcement did not identify a buyer, Bloomberg reported in late September that Hong Kong-based insurer FWD Group was nearing agreement to pay around $400m for VCLI as part of a long-term bancassurance agreement with the bank.

FWD Group, owned by Hong Kong billionaire Richard Li, had outbid several firms, including British insurance giant Prudential, which had been vying to obtain exclusive rights to distribute life insurance products through Vietcombank’s branch network, Bloomberg quoted sources as saying.

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