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Insurance joint venture launched
Vietcombank, Cardif and Seabank yesterday launched a joint venture insurance company that will market savings and protection products in Viet Nam through the "bancassurance" model.
The new company, Vietcombank, Cardif Life Insurance - VCLI, is 45 per cent-owned by Vietcombank, 43 per cent by Cardif (the insurance arm of BNP Parisbas, the number one bank in the euro zones in terms of deposits), and 12 per cent by Seabank.
It has already obtained a licence from the Ministry of Finance authorising it to operate in Viet Nam.
The new company will market its savings and protection products via the branch networks of Vietcombank and Seabank, as well as other channels such as financial institutions, direct marketing, telemarketing and the internet.
It will initially propose creditor insurance and individual protection products before introducing a full range of savings products in the second stage of its development.
VCLI chairwoman Nguyen Thi Minh Tam said the joint venture would enable the bank to extend its product porfolio and increase the capital mobilisation orginated from insurance.
"To the insurer, it is a means to enlarge the market share, to grow the premium volume and to save selling and distribution costs."
vietnamnews
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