South Korea’s Hanwha Life and Woori Bank signed an agreement this week to promote bancassurance in Viet Nam.

The latter will become a distributor of Hanwha Life Vietnam’s life insurance products.

“We believe that the comprehensive co-operation will help exploit the potential effectiveness and existing strengths of both parties to improve and create a competitive advantage for both parties in the market,” Back Jong Kook, chairman cum general director of Hanwha Life Vietnam, said.

“This partnership with Woori Bank is also a strategic step in expanding our distribution network, bringing our high quality products and services to customers.”

Established in 1946, Hanwha Life Insurance (formerly Korea Life Insurance) is Korea’s oldest life insurer and also the leading one with total assets of US$84 billion and an AAA solvency rating from major rating agencies.

It has been present in Viet Nam since 2009, and now has nearly 250 employees and 24,000 financial consultants working in over 80 offices nation-wide.

Founded in 1899 in Seoul, Woori Bank is one of the leading investment banks in Asia and the largest lender by assets in South Korea. It has transaction offices in Ha Noi and HCM City. — VNS