HANWHA LIFE VIETNAM AND SHINHAN BANK SIGNED BANCASSURANCE AGREEMENT
On 12 June 2017, Hanwha Life Insurance Co. Ltd. Vietnam announced signing a strategic bancassurance agreement with Shinhan Bank Vietnam Ltd. According to this agreement, Shinhan Bank will be providing Hanwha Life Vietnam insurance products to customers using Shinhan Bank Vietnam’s sales channels.
This cooperation is expected to contribute to a comprehensive financial services distribution network that brings added value to both parties' customers by leveraging and promoting the advantage of the two leading Korean companies.
As a member of the Hanwha Group - one of the 10 largest economic groups in Korea, Hanwha Life Vietnam has great financial potential, with chartered capital of nearly $106 million, as well as management experience and highly quality service products.
Shinhan Bank Vietnam is a part of Shinhan Bank, which is under Shinhan Financial Group (SFG) which is the leading bank in Korea and has had operated in Vietnam since 1993. Over the last 25 years, Shinhan Bank has built a broad network covering many cities and provinces with 18 branches and transaction offices. On 21st April 2017, Shinhan Bank Vietnam officially announces that it has agreed to acquire ANZ Vietnam’s Retail Division. This successful transaction has been considered as a big step for Shinhan Bank Vietnam’s development in Vietnam market.
Mr. Back Jong Kook, Chairman cum General Director of Hanwha Life Vietnam, at the signing ceremony: “I believe that the cooperation between Hanwha Life Vietnam and Shinhan Bank Vietnam will help to exploit the potential and strengths of both parties, thus creating a competitive advantage in the market. This collaboration will bring advanced insurance products to customers in a more convenient and professional way.”
Mr. Shin Dong Min- General Director of Shinhan Bank Vietnam stated: “Shinhan Bank's goal is to provide the most diverse portfolio and financial solutions to our customers. In addition to existing products and services such as credit, bank cards, e-banking ..., we now partner with Hanwha Life to deploy insurance products to better complement our financial services, as well as giving customers one more appropriate option to protect themselves and their families”.
In Vietnam, the bancassurance has just developed and there is tremendous potential for exploitation. In the future, this will be an important and fast growing distribution channel.