Aviva acquires entire shareholding in Vietnam joint venture
British multinational insurance company Aviva has announced that it has acquired VietinBank’s entire 50 per cent shareholding in its life insurance joint venture VietinBank Aviva Life Insurance Limited (Aviva Vietnam) and the signing of a new distribution agreement with VietinBank to sell life and health insurance products through VietinBank’s network of over 1,100 branches.
According to Aviva, as a result of the transaction, Aviva Vietnam is now a wholly owned subsidiary of Aviva and will have a key focus on growing the business across all key distribution channels; and the move also simplifies Aviva’s operating structure in the region.
“With Aviva’s insurance and digital expertise and a strong partnership with a leading bank, we are optimistic about our growth prospects in Vietnam,” said Chris Wei, executive chairman Aviva Asia and global chairman of Aviva Digital. “We have developed a deep and successful relationship with VietinBank and will continue to build on our strong foundations.”