Joint Stock Commercial Bank for Foreign Trade of Vietnam and insurer FWD Group said on Tuesday they will establish an exclusive 15-year bancassurance partnership in the Southeast Asian country.
Under the agreement, Vietnam’s largest listed lender, better known as Vietcombank, will distribute FWD’s life insurance products, the companies said in a statement, without providing further financial details of the deal.
FWD has agreed to purchase Vietcombank-Cardif Life Insurance, a joint venture between the bank and BNP Paribas Cardif, the companies said.
The transaction is subject to regulatory approvals, according to the statement.
