JAPANESE INSURER TO BUY VIETNAM'S BAO MINH CMG
HANOI, Jan 15 Asia Pulse - The Dai-ichi Mutual Life Insurance Company (Dai-ichi Life) plans to purchase Bao Minh CMG Life Insurance Company (Bao Minh CMG), a move which has been approved in principle by the Finance Ministry.
This is the first Japanese life insurance company to begin operation in Vietnam and is the first full-scale mergers and acquisition (M&A) transaction in the Vietnam financial sector.
Bao Minh CMG, the fifth largest life insurance company in terms of gross premium income in Vietnam, was established in 1999 by a 50/50 joint-venture of the major Australian life insurance company, Colonial Mutual Life Assurance Society Limited and the joint-stock Bao Minh Insurance Corporation.
Bao Minh CMG will be changed into the Dai-ichi Life Insurance Company of Vietnam (Dai-ichi Life Vietnam) after the acquisition.
Despite the change of the name and the ownership of the company, all the rights and obligations of customers under all existing insurance contracts remain unchanged until the expiration of the contracts, according to press releases issued by Bao Minh CMG and Dai-ichi Life.... Read More
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