BNP Paribas inks Vietnam bancassurance deal

MANILA, Philippines - BNP Paribas Cardif and Vietcombank Cardif Life Insurance Co. (VCLI) have signed a bancassurance partnership agreement with Saigon Commercial Bank (SCB). The savings and protection insurance products to be developed by VCLI will be distributed through the SCB network of more than 230 branches and transactions offices. The first product to be deployed by SCB and VCLI will integrate protection into deposits to insure SCB clients against unexpected risks of death and TPD. This alliance reflects BNP Paribas Cardif’s longstanding strategy of developing partnerships with major players, as SCB is amongst the top five joint stock commercial banks in Vietnam with total assets of about VND 154,000 billion (5.54 billion euros) and more than 4,000 bank staff. BNP Paribas Cardif has operations in seven countries: China, India, Japan, South Korea, Taiwan, Thailand and Vietnam, including six joint ventures (with Bank of Beijing in China (1), SBI in India, Shinhan in South Korea, TCoB in Taiwan, Thai Life in Thailand and Vietcombank in Vietnam).