HSBC, Bao Viet Provide Cargo Insurance Service
The Hong Kong-Shanghai Banking Corporation (HSBC) and the Bao Viet Insurance Corporation will co-provide a marine cargo insurance service for businesses in Vietnam.
The cooperation has made HSBC one of the first among foreign banks to distribute such an insurance service in Vietnam and helped strengthen the strategic cooperation between HSBC and Bao Viet Corp.
Marine Cargo Insurance is designed to insure goods against unforeseen losses during shipment by sea, air or land. With the service, corporate customers can feel secure about their operations, even in the event of lost or damaged cargo.
HSBC is now the largest foreign bank in Vietnam while Bao Viet is taking the lead in the Vietnamese insurance market.
Under an agreement signed between HSBC and Bao Viet late last year, insurance products from the leading Vietnamese insurer started supplying the service through HSBC distribution channels in Hanoi and HCM City from January 1, 2008.
The agreement follows a strategic alliance formed by HSBC and Bao Viet last September through which HSBC purchased a 10 per cent stake in Bao Viet, becoming the sole foreign partner of Vietnam&rsquos leading non-life insurance provider. (Vietnam Economic Times)
Vietnamese
