French AXA buys 16.6 percent stake in Bao Minh

12/09/2007 -- 9:15 PM

HCM City (VNA) – France’s AXA will acquire a 16.6 percent stake in Bao Minh Insurance, the second largest among 14 non-life insurers in Viet Nam, for 54 million Euro. An agreement on the establishment of a strategic partnership was reached between AXA Group, a worldwide leader in financial protection, and Bao Minh on September 12. Under the agreement which is still awaiting regulatory approval, Bao Minh will have access to the technical expertise of AXA Group’s global and regional platforms. Bao Minh President Tran Vinh Duc said that the agreement will help his company diversify insurance products, improve the quality of insurance services, promote business administrative reform and build Bao Minh brand. Bao Minh became independent in 1994 from the HCM City branch of the State-run Viet Nam Insurance Corporation (Bao Viet), the country’s largest that at the time held a 40 percent market. It turned into a joint-stock firm in September 2004. Bao Minh, listed at the Ha Noi Securities Trading Centre (HaSTC), is the first firm to offer insurance for the securities sector.-Enditem
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