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Banking & Finance

Shinhan Bank and Hanwha Life Insurance come together

Released at: 14:57, 14/06/2017

Shinhan Bank and Hanwha Life Insurance come together

Photo: Shinhan Bank

Two sign agreement to distribute insurance products throughout Vietnam.

by Doanh Doanh

Hanwha Life Insurance Vietnam has signed a strategic bancassurance agreement with Shinhan Bank Vietnam, under which the latter will provide the former with insurance products to customers using its sales channels in the country.

The 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 South Korean companies.

“I believe the cooperation between Hanwha Life Vietnam and Shinhan Bank Vietnam will help to exploit the potential and strengths of both parties, creating a competitive advantage in the market,” Mr. Back Jong Kook, Chairman and General Director of Hanwha Life Vietnam, told the signing ceremony. “It will bring advanced insurance products to customers in a more convenient and professional way.”

“Shinhan Bank’s goal is to provide the most diverse portfolio and financial solutions to our customers,” said Mr. Shin Dong Min, General Director of Shinhan Bank Vietnam. “In addition to existing products and services such as credit, bank cards, and e-banking, we now partner with Hanwha Life to deploy insurance products to better complement our financial services as well as give customers one more appropriate option to protect themselves and their families.”

As a member of the Hanwha Group - one of the ten largest economic groups in South Korea - Hanwha Life Vietnam has great financial potential, with charter capital of nearly $106 million, as well as management experience and high-quality services and products.

Shinhan Bank Vietnam is part of Shinhan Bank, the leading bank in South Korea and under the Shinhan Financial Group (SFG), and has been in Vietnam since 1993. Over the last 25 years, it has built a broad network covering many cities and provinces, with 18 branches and transaction offices. On April 21, it officially announced it had agreed to acquire ANZ Vietnam’s Retail Division; a big step in the bank’s development in Vietnam.

Bancassurance has only been developed in Vietnam recently and maintains tremendous potential.

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