Cardif, the insurance arm of BNP
Paribas, has launched an insurance joint venture company that will
market savings and protection products in Vietnam in conjunction
with Vietcombank, Vietnam’s largest partly private lender by
assets, and regional lender SeAbank.
The new company, VCLI, 45 percent owned by
Vietcombank, 43 percent by Cardif, and 12 percent by SeAbank, has
already obtained a licence from the regulators authorising it to
operate throughout Vietnam.
VCLI will market its savings and protection
products via the branch networks of Vietcombank and SeAbank. Direct
marketing, telemarketing and online sales will also be
targeted.
The joint venture builds on Cardif’s existing
distribution agreement with the two Vietnamese banks to sell
insurance and savings products, which dates back to 2007.
