Bank, insurance company team up to offer new products
Bank, insurance company team up to offer new products
The Agricultural Promotion Bank (APB) has joined with the Lao-Viet Insurance Company (LVI) to introduce new forms of insurance for their customers through the bank and its provincial branches.
Representatives of the two parties signed an MoU on Tuesday at the bank's headquarters in Vientiane. The document was signed by APB Deputy General Director Mr Somchith Thongkhamsouk and LVI Director General Mr Pham Duc Hau.
The event was witnessed by Bank of the Lao PDR Vice Governor Mr Sonxay Sithphaxay, APB Vice Chairman of the Executive Council Dr Phuangparisack Pravongviengkham, and re-presentatives from both sides.
Introducing the new product through the bank is an important step for the LVI, which has plans to grow its partnership with the APB, according to a report from the company. This will ensure that customers who need to buy insurance can obtain it through the bank. Both parties share the same objective of providing security to clients.
The bank needs to ensure the security of capital granted as property loans as well as guarantee other assets purchased through bank borrowings. A partnership with the LVIC helps them to minimise risk in this area.
From September 10-11, 60 staff members from Vientiane and APB branches received training related to the special insurance subject.
The Lao-Viet Insurance Co., Ltd. was set up in June 2008 on the foundation of Lao-Vietnamese friendship and cooperation.
LVI is a joint venture between Banque pour le Commerce Exterieur Lao (BCEL), Lao-Viet Joint Venture Bank (LVB) and BIDV Insurance Company (BIC) - a member company of the Bank for Investment and Development of Vietnam (BIDV).
The LVI has nine units and 200 agencies around the country. It is now introducing over 30 kinds of insurance including motor vehicle, home, small business, property, contractor's and industrial.
vientiane times
