FWD Group gets green light for Vietcombank-Cardif Life Insurance acquisition
FWD Group gets green light for Vietcombank-Cardif Life Insurance acquisition
FWD Group has just announced securing regulatory approval to proceed with the previously announced acquisition of Vietcombank-Cardif Life Insurance, a life insurance joint venture between leading state-owned Vietcombank and French partner BNP Paribas Cardif.
The acquisition will increase FWD’s foothold in the Vietnamese insurance market
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The acquisition further strengthens FWD’s presence and market share in the Vietnamese insurance market and underlines the company’s continued confidence in the long-term growth potential of Vietnam. FWD looks forward to officially welcoming the newly-acquired business' (VCLI) employees, business partners, and customers in due course.
“Vietnam is one of the fastest-growing insurance markets in Asia and we are excited to expand our presence through this significant acquisition,” said Huynh Thanh Phong, FWD Group CEO.
In Phong's words, FWD has established itself as a fresh and dynamic insurance challenger brand in a few short years since entering Vietnam and the deal is a firm testament to the company's confidence in the long-term growth and potential of the Vietnam market.“I’m thrilled that we can finally begin this new exciting chapter and I’d like to personally welcome all the staff, salesforce and customers of VCLI to FWD and look forward to working together to grow our business, bring fresh and positive experiences to our customers, and ultimately change the way people feel about insurance,” Phong added.
FWD will shortly be renaming the newly-acquired businesses and the official rebranding will take place progressively in the coming months. VCLI customers will not be affected by the transfer of ownership to FWD and all existing policies will continue to be honoured by FWD following completion.
Established in Asia in 2013, FWD is the insurance business of Pacific Century Group, a leading Asia-based private investment group with interests in technology, media, and telecommunications.
The company spans Hong Kong and Macau (China), Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan, and Malaysia, offering life and medical insurance, general insurance, employee benefits, and other products across a number of its markets.
