Vietnam’s BIDV Bank to Acquire QBE’s Insurance Co. Stake
The Bank for Investment and Development of Vietnam (BIDV) has reportedly agreed to purchase all the stock held by Australia’s QBE Insurance Group in their joint-venture insurance company.
As reported by Asia Pulse on the Yahoo News, QBE has agreed to transfer its entire interest in the Vietnam-Australia (BIDV-QBE) Insurance Joint-Venture Company. The transaction was approved by the Vietnamese Finance Ministry on Dec. 27, 2005.
The report states that the “joint venture company will then be renamed BIDV Insurance Company, a wholly-domestic invested insurer, and operate as a BIDV affiliate.
The report notes that “BIDV General Director Tran Bac Ha said the purchase of QBE stock is an important step towards forming a leading Vietnamese insurance group.”
It also adds that all insurance policies with the Vietnam-Australia Insurance Company would continue to be honored once they are handed over to the BIDV.
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