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Standard Chartered to sell insurance
Standard Chartered Bank will begin selling insurance policies in Vietnam in November, Namita Lal, the bank’s Head of Consumer Banking told Thanh Nien Daily Wednesday.
The UK-based lender secured State Bank of Vietnam approval last week to sell life and non-life insurance policies from its two branches in Hanoi and Ho Chi Minh City, Lal said.
Earlier this month, SCB and Hong Kong and Shanghai Banking Corporation (HSBC) received official permission to open 100 percent foreign owned banks in Vietnam.
Vietnam opened its insurance market to foreign companies at the beginning of this year, as part of its World Trade Organization commitments.
Revenue from life insurance premiums in Vietnam rose 13.6 percent to US$303 million in the first six months of this year, the Vietnam Insurance Association said last week.
Non-life insurance premiums grew 43 percent year-on-year to $339 million in the first half, the association said.
Thanhnien
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