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MetLife, BIDV sign agreement

Update: September, 28/2013 - 08:50

HCM CITY  (VNS) — 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. — VNS

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