Hyundai Marine & Fire Insurance Co Ltd signed a stock purchase agreement to buy a stake in Vietnamese non-life insurer VietinBank Insurance Joint Stock Corp in Hanoi (Photo courtesy of Vietinbank) Hanoi (VNS/VNA) -Hyundai Marine & Fire Insurance Co Ltd (HMFI), the Republic of Korea’s No 2non-life insurer, has signed a stock purchase agreement to buy a 25 percentstake in Vietnamese non-life insurer VietinBank Insurance Joint Stock Corp(VBI).
The deal is equivalent to 16.6 million shares of VBI, asubsidiary of Vietnam’s leading commercial lender VietinBank. After the sale,VBI will raise its capital to 666.7 billion VND (28.5 million USD).
With this purchase contract, VBI will be supported withcapital to enhance its financial capacity and competitiveness, producingimpressive results in all of its operational segments.
“HMFI’s purchase of VBI’s shares, becoming its secondlargest shareholder, has affirmed VBI’s reputation in the field of non-lifeinsurance and the attraction of the company to investors, especially foreignstrategic investors operating in the same sector. In the future, VBI commits tocontinue improving product quality, enhancing customer services and applyingmodern technology in accordance with the trend of insurance development inVietnam,” said General Director of VBI Le Tuan Dung at the signing ceremonyheld recently in Hanoi.
Cheol Young Lee, a representative from HMFI said: “With morethan 60 years of experience in the non-life insurance sector and a globalnetwork, HMFI wishes to cooperate with VBI and contribute practical andvaluable experience to VBI’s development.”
HMFI will focus on supporting VBI in the expansion of itscustomer network, especially Korean customers in Vietnam, boosting newinsurance products suitable for the Vietnamese market, applying new technologyin risk management and human resource training, Lee said.
At the signing ceremony, HMFI also signed a strategicpartnership agreement with VietinBank.
According to the bank, with the strength as one of the fourlargest commercial banks in terms of assets and network in Vietnam, VietinBank,VBI’s largest shareholder, commits to providing maximum support to VBI in usingexisting facilities of VietinBank, developing brand and customer services, aswell as the distribution of VBI’s insurance products within Vietinbank’snetwork of 155 branches and 958 transaction offices across provinces and citiesnationwide.-VNS/VNA
The deal is equivalent to 16.6 million shares of VBI, asubsidiary of Vietnam’s leading commercial lender VietinBank. After the sale,VBI will raise its capital to 666.7 billion VND (28.5 million USD).
With this purchase contract, VBI will be supported withcapital to enhance its financial capacity and competitiveness, producingimpressive results in all of its operational segments.
“HMFI’s purchase of VBI’s shares, becoming its secondlargest shareholder, has affirmed VBI’s reputation in the field of non-lifeinsurance and the attraction of the company to investors, especially foreignstrategic investors operating in the same sector. In the future, VBI commits tocontinue improving product quality, enhancing customer services and applyingmodern technology in accordance with the trend of insurance development inVietnam,” said General Director of VBI Le Tuan Dung at the signing ceremonyheld recently in Hanoi.
Cheol Young Lee, a representative from HMFI said: “With morethan 60 years of experience in the non-life insurance sector and a globalnetwork, HMFI wishes to cooperate with VBI and contribute practical andvaluable experience to VBI’s development.”
HMFI will focus on supporting VBI in the expansion of itscustomer network, especially Korean customers in Vietnam, boosting newinsurance products suitable for the Vietnamese market, applying new technologyin risk management and human resource training, Lee said.
At the signing ceremony, HMFI also signed a strategicpartnership agreement with VietinBank.
According to the bank, with the strength as one of the fourlargest commercial banks in terms of assets and network in Vietnam, VietinBank,VBI’s largest shareholder, commits to providing maximum support to VBI in usingexisting facilities of VietinBank, developing brand and customer services, aswell as the distribution of VBI’s insurance products within Vietinbank’snetwork of 155 branches and 958 transaction offices across provinces and citiesnationwide.-VNS/VNA
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