Representatives of the two companies at the signing ceremony. — VNS Photo

South Korea insurer Hanwha Life Vietnam, Ltd has signed a strategic partnership deal with Shinhan Vietnam Bank SM Ltd (Shinhan Bank) for selling bancassurance products.

Shinhan Bank becomes a business partner of Hanwha, and will provide the latest insurance products to clients through its network in Việt Nam.

The two companies said the co-operation would create a comprehensive financial service that would bring more value to both parties' customers by leveraging and promoting the advantages of the two leading Korean companies.

Back Jong Kook, chairman and general director of Hanwha Life Vietnam, said: “I believe the co-operation will help effectively exploit the great potentials and strengths of both parties, thereby creating a competitive advantage in the market. This co-operation will bring advanced insurance products to customers in a more comfortable and professional manner.”

The insurer said co-operation with banks, including Shinhan, is part of its diversification strategy in terms of distribution channels and would spur the bancassurance business. Bancassurance is quite new in Việt Nam and its potential is enormous.

It promises to be an important and rapidly growing sales channel in the future, the company said.

Earlier the company had signed a strategic partnership deal with Woori Bank last February to sell its insurance offerings.

Shinhan Bank Vietnam said the co-operation would help it offer customers a viable option apart from its existing products and services including credit cards, e-banking and others.

An affiliate of Hanwha Group, Hanwha Life Vietnam enjoys impressive financial strength with nearly US$103 million in chartered capital, management experience and premium quality products and services.

Shinhan Bank came to Việt Nam in 1993 and now has 18 branches and transaction offices around the country. — VNS