FWD Group (“FWD”) today announced it has secured regulatory approval to proceed with the previously announced acquisition of Vietcombank-Cardif Life Insurance (“VCLI”), a life insurance joint venture between Joint Stock Commercial Bank for Foreign Trade of Vietnam (“Vietcombank”) and BNP Paribas Cardif.
The addition of VCLI further strengthens FWD’s presence and market share in the Vietnam insurance market and underlines the company’s continued confidence in the long-term growth potential of Vietnam. FWD looks forward to officially welcoming VCLI’s employees, business partners and customers in due course.
Huynh Thanh Phong, FWD Group Chief Executive Officer, said: “Vietnam is one of the fastest growing insurance markets in Asia and we are excited to expand our presence through this significant acquisition. FWD has established itself as a fresh and dynamic insurance challenger brand in a few short years since entering Vietnam and this deal is a firm testament to our confidence in the long-term growth and potential of the Vietnam market.
“I’m thrilled that we can finally begin this new exciting chapter and I’d like to personally welcome all the staff, salesforce and customers of VCLI to FWD and look forward to working together to grow our business, bring fresh and positive experiences to our customers and ultimately change the way people feel about insurance.”
FWD will shortly be renaming the newly acquired businesses, and the official rebranding will take place progressively in the coming months. VCLI customers will not be affected by the transfer of ownership to FWD and all existing policies will continue to be honoured by FWD following completion.