Vietnam Bank News

Vietnam Bank Directory

Trade BCHUSD, Bitcoin and Cryptocurrencies

BUY & SELL BCHUSD | View BCHUSD News & Updates


Buy Sell BCHUSD, Bitcoin and Cryptocurrencies

Banking News & Financial Services News
Get the latest banking news headlines from Vietnammarkets.com. Find in-depth Vietnam coverage from banking, investing, financial, stock market, and more abou Vietnam banking system, bank for industry and trade, Vietnam banking sector.

Bank-insurance alliance to take root in Vietnam: conference   2009-05-17 - TN

 
An alliance between banks and insurers for so-called bancassurance will soon take shape in Vietnam, European and Asian experts predicted at a conference in Ho Chi Minh City.

Bancassurance, or the selling of insurance products through a bank, has developed strongly in Europe and is appearing increasingly in Asia, including in Vietnam, they said at the two-day conference organized by the Vietnam Chamber of Commerce and Industry and European Financial Marketing and Management Association ending Wednesday.

It was also attended by delegates from Africa.

Co Minh Duc, chairman of Prevoir Vietnam Life Insurance Company, told Thanh Nien Daily that bancassurance would reduce wages for insurers and offer banks security since the practice entails insuring all loans.

France-headquartered Prevoir does not employ agents like other life insurers to sell its products, instead choosing to introduce their products through banks since it began operations in 2005, he said.

The firm has entered into alliances with 12 banks including Asia Commercial Bank, Sacombank and An Binh Bank, as well as the Vietnam Post and Telecommunication.

It sold 20,000 policies last year, taking its cumulative figure since coming to Vietnam to 51,000, and had a premium income of US$3.5 million.

This year its premium income grew 220 percent in the first quarter to $1 million, according to the chairman, who added Vietnam is a promising market since only 1 percent of its 85 million population have life insurance.

HSBC Vietnam said it is expanding its bancassurance business with Bao Viet Insurance which it entered into over a year ago.

The bank said the joint venture is doing well by marketing products solely through its eight branches in HCMC and Hanoi.

Bao Viet Corporation, parent of Bao Viet Insurance, which has also signed bancassurance alliances with local banks like Techcombank, founded Bao Viet Bank to introduce the practice.

The Bank for Foreign Trade of Vietnam (Vietcombank) collaborated with local Southern Asia Commercial Joint Stock Bank and France’s BNP Paribas Assurance Co. last year to set up a VND600 billion ($33.7 million) bancassurance joint venture.


Other Banking News

An Binh Bank reports $1.5 million net profit in April   2009-05-12

Banks hike gold rates to lure deposits   2009-05-11

BIDV in partnership with Hong Kong financial company   2009-05-10

Interest rates ‘have hit a floor,’ may rise, ratings agency says   2009-05-09

Bank Directory

Deutsche Bank’s HCMC branch to raise capital to $24 million   2009-05-09

Vietcombank plans rights issue for small shareholders only   2009-05-07

Bonds fall, dong gains on increase in bank deposit rates   2009-05-07

Commercial banks rushing to push interest rates over 9%   2009-05-05

Banks hike interest on dong deposits to raise funds   2009-05-05

Consumer credit: Lenders and borrowers the proverbial two ships   2009-05-03

Commercial banks need deposit capital   2009-05-02

Vietcombank set to list by September   2009-04-29

Vietnam cuts rate on export credit to 2.9 percent   2009-04-28

Vietcombank becomes partner of Foreign Investment Agency   2009-04-23