Aug 22, 2013
August 16th 2013 - BNP Paribas Cardif announces that Vietcombank Cardif Life Insurance Company (VCLI), its Vietnamese subsidiary, has signed a bancassurance partnership agreement with Saigon Commercial Bank (SCB).
The savings and protection insurance products to be developed by VCLI will be distributed through the SCB network of more than 230 branches and transactions offices. The first product to be deployed by SCB and VCLI will integrate protection into deposits to insure SCB clients against unexpected risks of death and TPD.
VCLI benefits from the extensive expertise of insurer BNP Paribas Cardif, a pioneer in the bancassurance market which celebrates its 40th anniversary this year and has become a global specialist in personal and property insurance, with a presence in 37 countries across Europe, Asia and Latin America.
This alliance reflects BNP Paribas Cardif's longstanding strategy of developing partnerships with major players, as SCB is amongst the top five joint stock commercial banks in Vietnam with total assets of about VND 154,000 billion (5.54 billion euros) and more than 4,000 bank staff.
With an economy growing by 5% in 2012, a population of around 90 million and a still low banking penetration rate, Vietnam offers a promising market for financial services and life insurance.
BNP Paribas Cardif has had a presence in Asia for 15 years, with operations in seven countries: China, India, Japan, South Korea, Taiwan, Thailand and Vietnam, including six joint ventures (with Bank of Beijing in China (1), SBI in India, Shinhan in South Korea, TCoB in Taiwan, Thai Life in Thailand and Vietcombank in Vietnam).
Re-disseminated by The Asian Banker