MetLife said that this JV follows the Memorandum of Understanding (MOU) that was previously signed by both parties in July this year.
The new JV will expand MetLife’s presence in emerging markets and will also represent BIDV’s strategic direction into the field of life insurance, which is in line with and complements the bank’s business tradition.
According to MetLife, the joint venture will initially focus on offering life and health insurance products. It will leverage the strengths of two exceptional companies to create a strong and trusted insurance provider.
Expected to be operational in 2014, the proposed JV will have a charter capital of VND1trn (approximately $48m), and MetLife will own 60% of the company while BIDV and BIC will have the remaining 40%.
MetLife president for Asia, Chris Townsend, said the partnership will enable to deliver a suite of innovative life insurance products to customers in Vietnam in order to provide them with the ability to achieve and maintain their financial security.
In addition, the JV will also leverage BIDV’s understanding of the financial needs of Vietnamese customers and its large national branch network of more than 600 distribution points.
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