PVI, PVcomBank agree on comprehensive co-operation

Friday, Jan 23, 2015 15:46

Representatives of PVI and PVcomBank signed a co-operation agreement on January 21. — Photo pvcombank.com.vn

HA NOI (Biz Hub) — The PetroVietnam Insurance Corporation (PVI) and the Viet Nam Public Bank (PVcomBank) signed a comprehensive co-operation agreement at the bank's headquarters on January 21.

The two parties committed to providing and using each other's services, including deposits, payment account management and capital arrangement, along with financial consultancy and individual and corporate finances.

They also agreed to exchange business information and explore investment opportunities at home and abroad.

The two confirmed that this co-operation will help ensure sustained growth for both sides, in line with the general development trend seen in Vietnamese enterprises.

PVI is an affiliate of the Viet Nam Oil and Gas Group (PetroVietnam) and among the leading industrial insurance companies in Viet Nam. It represents nearly all of the energy insurance market, about 30 per cent of the marine insurance market, and around 40 per cent of the property and engineering insurance sector.

PVcomBank holds VND9 trillion (US$428.57 million) in equity and nearly VND100 trillion ($4.76 billion) in total assets. PetroVietnam owns 52 per cent and strategic shareholder Morgan Stanley holds 6.7 per cent of the bank's equity. — VNS

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