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Vietcombank, Cardif, SeAbank Form Insurance JV In Vietnam

The new entity,VCLI, will market savings and protection products in Vietnam through bancassurance channel.

Vietcombank, Cardif and SeAbank have formed an insurance joint venture in Vietnam. The new entity, VCLI will market savings and protection products in Vietnam through bancassurance channel. Initially, VCLI will offer creditor insurance and individual protection products.

Vietcombank, Cardif and SeAbank will own stake in VCLI, in the ratio of 45:43:12. The company has obtained a license from the Finance Ministry to operate throughout Vietnam.

VLCI draws synergies from Cardif’s bancassurance and actuarial expertise, and banking network of Vietcombank and SeAbank in Vietnam.

VCLI will market savings and protection products through the branch networks of SeAbank and Vietcombank, as well as other channels including – financial institutions, banks, direct marketing, Internet, and telemarketing.