Home Finance

MetLife, BIDV sign agreement

Sep 28th at 15:42
28-09-2013 15:42:51+07:00

MetLife, BIDV sign agreement

MetLife Inc, the Bank for Investment and Development of Viet Nam (BIDV), and Bank for Investment and Development of Viet Nam Insurance Corporation (BIC) signed an agreement on Thursday to establish a life insurance joint venture in Viet Nam.

The signing ceremony was witnessed by Vietnamese Prime Minister Nguyen Tan Dung on the occasion of the Prime Minister's visit to the US.

The JV follows a memorandum of understanding that was previously signed by both parties in July, and delivers on a key component of MetLife's strategy to expand its presence in emerging markets.

At the same time, the JV also represents BIDV's strategic direction into the field of life insurance, which is in line with and complements the bank's business tradition.

The new JV will have a charter capital of VND1 trillion (US$48 million) and MetLife will own 60 per cent of the company and BIDV and BIC will have the remaining 40 per cent.

The joint venture will initially focus on offering life and health insurance products.

Alongside the establishment of the JV, there is also an exclusive bancassurance distribution agreement between the JV and BIDV.

vietnamnews

MOST READ

NEWS SAME CATEGORY

SBV revokes licences for new banks
FINANCE Sep 28th at 15:30

SBV revokes licences for new banks

The State Bank of Viet Nam (SBV) recently decided to revoke the licences for the opening of Lao-Viet Bank's branches in Ha Noi and HCM City.

MoF examines ways to restructure tax debt
FINANCE Sep 28th at 15:27

MoF examines ways to restructure tax debt

The Ministry of Finance has proposed to freeze and extend tax debt repayment terms for ailing businesses which would be able to commit to paying tax in the future.

Experts shine light on bank rate controversy
FINANCE Sep 27th at 20:29

Experts shine light on bank rate controversy

Banks’ lending rates are unlikely to fall and the government needs to keep a tight hold on the ceiling deposit interest rate say Vietnamese economic experts.

Interbank interest rates fall 1.17%
FINANCE Sep 27th at 13:18

Interbank interest rates fall 1.17%

The interest rate that Vietnamese banks charge each other for under-12 month term loans in dong and US dollars dropped last week by up to 1.17 percentage points.

SBV regulates debt grouping
FINANCE Sep 27th at 12:59

SBV regulates debt grouping

State Bank of Viet Nam Governor Nguyen Van Binh this week issued a directive on classification of restructured debts to ensure that credit institutions perform...

DaiA Bank passes procedures to merge with HD Bank
FINANCE Sep 26th at 14:26

DaiA Bank passes procedures to merge with HD Bank

Dong Nai-based DaiA Bank has completed all necessary procedures for its merger plan with HD Bank after an unusual shareholder meeting in Bien Hoa city on Wednesday.

SHB recovers nearly VND3 trillion of bad debt
FINANCE Sep 26th at 13:53

SHB recovers nearly VND3 trillion of bad debt

Saigon-Hanoi Commercial Bank (SHB) announced that it has settled nearly VND3 trillion (USD144 million) of bad debt one year after being merged with Hanoi Building...

SBV releases regulations for VAMC
FINANCE Sep 26th at 13:41

SBV releases regulations for VAMC

The State Bank of Viet Nam announced administrative procedures relating to selling, buying and solving bad debts from domestic credit institutions for the Viet Nam...

Local lending grows by 5.83%
FINANCE Sep 26th at 13:40

Local lending grows by 5.83%

Credit growth by September 18 rose 5.83 per cent against last December, according to the State Bank of Viet Nam.

Outlook on Techcombank revised to negative; 'BB-/B' ratings affirmed
FINANCE Sep 26th at 07:28

Outlook on Techcombank revised to negative; 'BB-/B' ratings affirmed

Standard & Poor's Ratings Services today revised the outlook on Vietnam Technological And Commercial Joint Stock Bank (Techcombank) to negative from stable. We also...

Read More

Bank stocks

Insurance stocks

MOST READ

Back To Top