VietinBank will have a new partner after its current partner Britain’s Aviva insurer finalises the sale of its business in Viet Nam. — Photo VietinBank The Vietnamese insurance market is heating up with many high-value bancassurance deals and mergers and acquisitions (M&A) unveiled recently. Roughly half a dozen big names, including Allianz, Nippon Life, MS&AD Insurance, Sun Life Financial and Manulife Financial Corp are vying to buy the Vietnamese and Singaporean businesses of Britain’s Aviva, Reuters cited people with knowledge of the matter as saying last week. According to the sources, who declined to be named as the talks are confidential, the combined deal value for the businesses is estimated to be between US$2 billion and $2.5 billion. Talks were at an early stage and terms could change, they said. In Viet Nam, Aviva started operating in the life insurance in 2011. It was formerly known as VietinBank Aviva – a joint venture between Aviva and Commercial Joint Stock Bank for Industry and Trade of Vietnam (VietinBank). As of April 2017, Aviva completed the acquisition of a 50 per cent stake in VietinBank and officially wholly owned the unit. It signed an exclusive 18-year agreement to distribute life insurance products… Read full this story
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