Bao Viet Insurance Corporation, a subsidiary of Bao Viet Group and Sai Gon-Ha Noi Commercial Joint Stock Bank (SHB), signed a strategic partnership agreement on Thursday with the aim of creating a comprehensive distribution channel for bancassurance services.

Under the agreement, SHB would introduce Bao Viet Insurance Corporation’s health care, automobile, goods, apartment, fire and technical insurance services to its customers.

SHB and Bao Viet Insurance Corporation would also co-operate to launch an online programme for apartment and automobile insurance to reduce transaction times.

In addition, SHB would provide financial and banking services to Bao Viet Insurance Corporation’s staff.

Each side would provide diversified activities to promote the products and services of the other.

Speaking at the signing ceremony, SHB’s deputy general director Ngo Thu Ha said the bank would leverage its customer network and experience to promote the distribution channel and bancassurance to provide momentum for both sides’ development.

“In addition to available products, they would also develop new ones suitable to the specific demands of each customer segment,” she said.

Nguyen Xuan Viet, Bao Viet Insurance Corporation’s general director, said the agreement would be a foundation for the two sides’ long-term co-operation in the future.

The partnership was expected to promote the retail sector in banking and insurance activities.

Bao Viet yesterday announced its consolidated revenue for 2018 was estimated at more than VND41 trillion (US$2 billion). This is a new record after it reached $1 billion in 2016. — VNS