Representatives of Techcombank and PIV sign co-operation agreement to develop business. — Photo vietnamplus.vn

HA NOI (Biz Hub) — The Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) and PetroVietnam Finance and Insurance Company (PVI), on June 2, signed a comprehensive agreement on building and developing the business.

Under the agreement, Techcombank will supply the financial logistics for the management of currency flows, foreign exchange and bond investment for PVI in order to help it save expenses in operations and human resources.

Meanwhile, with its leading role in the insurance sector, PVI will design and provide Techcombank and its staff and customers with quality insurance programmes, which have a preferential fee.

General Director of PVI Bui Van Thuan said this co-operation was a golden opportunity for the two sides to maximally exploit their strengths in crossed sales of services and products, bringing about added values for participants including the bank, insurance supplier and customers.

As one of the leading insurance companies in Viet Nam, last year PVI reported a revenue of VND980 billion (US$44 million) and after tax profits of VND530 billion, an increase of 36 per cent and 217 per cent over 2014 respectively.

Techcombank has been co-operating with many organisations and businesses to supply its products, including Vietnam Airlines, State-run Viet Nam National Chemical Group, Electricity of Viet Nam, and Vietnam National Coal and Mineral Industries Group, in addition to Viet Nam Post and Telecommunications Group, and Viet Nam Coffee and Cocoa Association.

The bank said it would list on the Unlisted Public Company Market (UPCoM) this year, and then on one of the two official bourses in Ha Noi and HCM City.

Last year, the bank reported a profit before tax of VND2.037 trillion, an increase of 43.8 per cent over 2014. — VNS