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Viet Nam International Bank (VIB), for example, recently joined hands with AIA insurance company to offer insurance products to VIB customers, while Eastern Asian Bank (EAB) also recently signed an agreement with Bao Viet to become a strategic shareholder with the insurance group. Under the agreement, EAB is to issue ATM cards to Bao Viet one million clients.
Another form of co-operation between domestic banks and insurance companies is to merge capital holdings. The Industrial and Commercial Bank (Incombank) formed a partnership with Singapore Asian Insurance Company to establish the Incombank Asian Insurance Joint Venture Company (IAI), with a mandate to underwrite Incombank loans and develop insurance products for its clients.
Incombank nation-wide network of representative agents have been instrumental in pairing clients with IAI services, it said.
Sacombank has also followed suit by co-operating with ACE Life to provide insurance services for its customers and help the insurer to collect premiums in the southern province of Can Tho.
Source: Vietnam News, June 29
