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Vietcombank, FWD Group sign 15-year bancassurance partnership

Tuesday, November 12, 2019, 15:06 GMT+7
Vietcombank, FWD Group sign 15-year bancassurance partnership
Men withdraw money from an ATM at a branch of Vietcombank in Hanoi, Vietnam April 22, 2016. Photo: Reuters

Joint Stock Commercial Bank for Foreign Trade of Vietnam and insurer FWD Group said on Tuesday they will establish an exclusive 15-year bancassurance partnership in the Southeast Asian country.

Under the agreement, Vietnam’s largest listed lender, better known as Vietcombank, will distribute FWD’s life insurance products, the companies said in a statement, without providing further financial details of the deal.

FWD has agreed to purchase Vietcombank-Cardif Life Insurance, a joint venture between the bank and BNP Paribas Cardif, the companies said.

The transaction is subject to regulatory approvals, according to the statement.

Reuters

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