Metlife Inc and BIDV Sign Joint Venture Agreement to Form a Life Insurance Company

Thursday, 26 Sep 2013 09:30pm EDT 

Metlife Inc, Bank for Investment & Development of Vietnam (BIDV), and Bank for Investment and Development of Vietnam Insurance Corporation (BIC) announced that it has signed an agreement to establish a life insurance joint venture (JV) in Vietnam. The signing ceremony was witnessed by Prime Minister Nguyen Tan Dung of Vietnam, Tran Bac Ha, chairman of the board of management of BIDV, and Kurt Campbell, member of MetLife`s board of directors and former assistant secretary of state, during the prime minister`s visit to the United States. The JV follows the Memorandum of Understanding (MOU) that was previously signed by both parties in July of this year and delivers on a key component of MetLife`s strategy: expanding its presence in emerging markets. At the same time, the JV also represents BIDV`s strategic direction into the field of life insurance, which is in line with and complements the bank`s business tradition. The new JV will have a charter capital of VND 1 trillion (approximately USD48 million), and MetLife will own 60% of the company and BIDV and BIC will have the remaining 40%. The joint venture will initially focus on offering life and health insurance products. Alongside the establishment of the JV, there is also an exclusive bancassurance distribution agreement between the JV and BIDV. 

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