FWD Group has officially announced that it has received statutory approval for the acquisition of Vietcombank-Cardif Insurance (VCLI), the joint-venture life insurance company between Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) and BNP Paribas Cardif.
The acquisition of VCLI helps FWD expand its presence and increase its market share in Vietnam’s insurance market, while affirming its confidence in Vietnam’s long-term development potential of Vietnam. FWD is looking forward to officially welcoming VCLI’s employees, business partners and customers immediately after the event.
According to general director of FWD Group Huynh Thanh Phong, Vietnam is one of the fastest growing insurance market in Asia and FWD is pleased to expand its presence here through this important transaction.
FWD will soon rename the newly acquired company and the official brand transformation will take place in the coming months. This will not affect the benefits of existing customers with VCLI. FWD will continue to take care of all current VCLI insurance policies upon completion of the transaction.
By the end of March 2020, this insurance brand announced to raise charter capital from 3.675 trillion dong to more than 13.937 trillion dong and became the largest life insurance company in Vietnam in terms of charter capital.
