The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), coded VCB on the Ho Chi Minh Stock Exchange, plans to invite bids from insurers for exclusive rights to distribute life insurance products through its network.
Vietcombank plans to invite bids from insurers for exclusive rights to distribute life insurance products through its network. (Photo: VNA)
Hanoi (VNA) – The Joint Stock Commercial Bank for Foreign Trade ofVietnam (Vietcombank), coded VCB on the Ho Chi Minh Stock Exchange, plans toinvite bids from insurers for exclusive rights to distribute life insuranceproducts through its network.
The deal between Vietcombank and its partner is expected to be for at least tenyears and be worth as much as 1 billion USD over the life of the contract.
Vietcombank chose Credit Suisse Group AG to advise it on finding a newinsurance distribution partner.
According to Bloomberg, insurers have been attracted to a growing middle classin Vietnam, which chalked up average economic growth of 6.3 percent during2005-2017.
Deemed as win-win deals for both commercial banks and insurance companies, bancassurancepartnerships have been developing in Vietnam in recent years.
The model creates a convenient and reliable sales channel for insurance firmswhile giving banks stable source of non-interest income through salescommissions.
Last year, several bancassurance deals were inked, including Sai Gon Thuong TinCommercial Joint Stock Bank’s 20-year agreement with Dai-ichi Life HoldingsInc. and Techcombank’s 15-year deal with Manulife Financial Corp.
Contributions of bancassurance sales in Vietnam jumped from 1 percent in 2013to more than 10 percent in 2017. This is a much smaller amount than in otherAsian markets like Thailand, Indonesia, Singapore and Hong Kong (China), wherebancassurance makes up between 30 and 50 percent of overall insurance distribution.-VNA
Touting it as a win-win deal for everyone, banks and insurance companies in Vietnam are promoting the “bancassurance” model to exploit a market with huge untapped potential.
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Vietcombank plans to invite bids from insurers for exclusive rights to distribute life insurance products through its network. (Photo: VNA) 
