16:13 | 14/07/2016 Finance - Banking
(VEN) - Today, July 14th 2016, An Binh Bank (ABBANK) together with FWD Group (FWD) announced the signing of a 15-year life insurance distribution agreement in Vietnam.
The bancassurance partnership announcement comes as FWD completes its acquisition of Great Eastern Life (Vietnam) Co. Ltd (“Great Eastern Life Vietnam”) from The Great Eastern Life Assurance Company Ltd., which will see the company rebranded as FWD within the coming months.
Under the distribution agreement, FWD will become ABBANK’s bancassurance partner in Vietnam, having the right to distribute, on an exclusive basis, a comprehensive range of FWD’s life insurance and savings products to the bank’s customers.
Huynh Thanh Phong, FWD Group Chief Executive Officer said, “Upon completing our entry into Vietnam, I am honoured to announce our partnership with ABBANK. As one of the country’s fastest growing banks, ABBANK shares our aim to bring a new, customer-led and digital approach to financial services. We are excited about the opportunities that this partnership will bring to the Vietnamese people and the growth ambitions of both companies.”
Cu Anh Tuan, ABBANK’s CEO commented, “As a bank that is focused on providing the full suite of financial services for our customers, we are elated by the opportunities that the partnership with FWD presents. We are delighted to be able to recommend FWD to our customers as a business that has the same shared ambitions, digital positioning, and relentless focus on the consumers as we do.”
The bancassurance partnership will leverage FWD’s regional expertise and digital technology, as well as ABBANK’s knowledge of the local market and its extensive distribution network. The announcement establishes FWD’s vision to become a leading insurer that changes the way Vietnamese people view insurance, with its plans to invest significantly in hiring talents, developing advanced technology infrastructure, and enhancing the customer experience.
Established in Asia in 2013, FWD is the insurance business arm of investment group, Pacific Century Group. FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines and Singapore, offering life and medical insurance, employee benefits, and general insurance across a number of its markets.