HCM City hosts conference on bancassurance

Almost 200 foreign and domestic banking and insurance experts are gathering in Ho Chi Minh City for an international conference on the combined banking and insurance business (bancassurance).

The two-day (May 12-13) conference, the first of its kind in Vietnam, is being jointly held by the European Financial Management Association (EFMA) and the Vietnam Chamber of Commerce and Industry (VCCI) under the initiative of the Prevoir Vietnam Life Insurance Company.

Representatives from France’s Credit Agricole Bank and Societe General Insurance, Belgium’s Fotis Insurance International and Italy’s Intesa Sanpaolo Bank will present a strategy on development and risk management for bancassurance ventures, and discuss how to integrate life insurance with banking and marketing operations.

Vietnam’s insurance sector has recorded a considerable growth since joining the World Trade Organisation with its turnover reaching over 1 billion USD in 2007, said the head of the Ho Chi Minh City-based French economic agency, Jean Louis Poli.

VCCI Vice Secretary General Vo Tan Thanh acknowledged Vietnam’s potential for developing a combination of banking and insurance products and expressed his belief that the conference will throw up many opportunities and raise the efficiency of the bancassurance sector in the market.

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