Samsung Fire & Marine Insurance acquires stake in Petrolimex insurance
Samsung Fire & Marine Insurance acquires stake in Petrolimex insurance arm
The Republic of Korea-based Samsung Fire & Marine Insurance (SFMI) signed agreements to become a strategic investor of Petrolimex Joint Stock Insurance Company (PJICO) and to acquire 20 percent stake in the Vietnamese insurer in Hanoi on May 5.
Hanoi (VNA) -The Republic of Korea-based Samsung Fire & Marine Insurance (SFMI) signedagreements to become a strategic investor of Petrolimex Joint Stock InsuranceCompany (PJICO) and to acquire 20 percent stake in the Vietnamese insurer inHanoi on May 5.
PJICO Chairman DinhThai Huong said the contracts showed the company's appeal to foreign investors,particularly other insurers, adding that the deal with SFMI will stimulatePJICO's future growth.
SFMI Chief ExecutiveOfficer and President Min Soo Ahn said the cooperation is valuable to bilateralexperience exchange and mutual development.
Attending the signingceremony, Bui Ngoc Bao, Chairman of Board of Directors of the Vietnam NationalPetroleum Group (Petrolimex), said Petrolimex is committed to support PJICO inbrand marketing and product distribution at over 2,400 gas stations across thecountry.
Petrolimex willfacilitate the engagement between PJICO and SFMI to help PJICO build a strongbrand in the Vietnamese non-life insurance market, Bao noted.
Petrolimex is amongthe three biggest shareholders of PJICO; the others are the Joint StockCommercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam NationalReinsurance Corporation (VINARE). The three together account for 66 percentstake in PJICO.
PJICO offers more than100 services with 59 subsidiaries and more than 2,300 trading points across thecountries.
It posted revenue at600 billion VND (26.39 million USD) in the first quarter this year.-VNA
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illustrative photo (Source: internet) 
