The Bank for Investment and Development of Vietnam (BIDV) has reportedly agreed to purchase all the stock held by Australia’s QBE Insurance Group in their joint-venture insurance company.
As reported by Asia Pulse on the Yahoo News, QBE has agreed to transfer its entire interest in the Vietnam-Australia (BIDV-QBE) Insurance Joint-Venture Company. The transaction was approved by the Vietnamese Finance Ministry on Dec. 27, 2005.
The report states that the “joint venture company will then be renamed BIDV Insurance Company, a wholly-domestic invested insurer, and operate as a BIDV affiliate.
The report notes that “BIDV General Director Tran Bac Ha said the purchase of QBE stock is an important step towards forming a leading Vietnamese insurance group.”
It also adds that all insurance policies with the Vietnam-Australia Insurance Company would continue to be honored once they are handed over to the BIDV.
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