Baoviet Holdings, MHB Sign Strategic Cooperation Agreement

On March 22, 2010 in Hanoi, Baoviet Holdings and the Housing Development Bank of the Mekong Delta (MHB) signed agreements on strategic cooperation and bancassurance development.

According to the cooperation agreement, the two sides will prioritise the use of products and services of each other and reserve special incentives, preferences for strategic partners and particular customers. Baoviet and MHB’s customers will be offered package financial products with low cost and convenient manner.

The two sides are committed to strategic cooperation to develop the insurance services sold through the banking system (bancassurance) within their own system in areas such as life insurance and non-life insurance. The association will help MHB and Baoviet to meet the diversity of customers’ demands and best serve customers. At the same time, both parties prioritise that the member subsidiaries from each party to contribute capital for investing in companies that are in equitization process or in need of mobilize more capital and investment in fund certificates with the status being strategic shareholders. The two sides are committed to strategic cooperation to develop bancassurance within their own system in areas such as life insurance and non-life insurance.

Mr Le Quang Binh, President of the Baoviet Holdings, confirmed: "The signing of this cooperation between Baoviet Holdings and MHB Bank helps maximize the strengths of each party, especially in providing insurance services through the banking system, bancassurance - a distribution channel of insurance products with great potential.”

Luu Hiep