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Bao Viet (also Bao Viet Holdings Vietnamese: Tập đoàn Tài chính-Bảo hiểm Bảo Việt) is the largest Vietnamese insurance company and Vietnam's seventh largest listed company by market capitalisation. [2] It is state-owned and has a strategic partnership with HSBC, which also holds 18% of Bao Viet's shares.
In September 2007, HSBC acquired 10% share capital of Bao Viet Holdings, becoming the sole foreign strategic partner of Vietnam's leading insurance company. In October 2009, HSBC signed an agreement to increase its shareholding in Bao Viet Holdings to 18% from 10% for VND1.88 trillion (approximately US$105.3 million).
The new company was named PICC Life Insurance, which sells insurance products, including savings-oriented endowment insurance policies. In 2012, Sumitomo Life decided to become a strategic partner of Bao Viet Insurance from Vietnam by acquiring 18% of the company's shares previously held by HSBC .
The history of HSBC Insurance can be traced back to when two important companies were established in Hong Kong, namely, Carlingford Swire Assurance (Bermuda) limited, which was set up in 1981 and subsequently renamed HSBC Life (International) Limited in 1992, and Wardley Insurance Company Limited, which was set up in 1978 and subsequently renamed HSBC Insurance (Asia) Limited in 2000.
Bao Viet Holdings; P. PetroVietnam Insurance; Petrolimex Joint Stock Insurance Company; V. Vinare This page was last edited on 23 January 2013, at 02:11 (UTC ...
It had a share of around 20% in the insurance market (excluding life insurance) in 2011, making it the second largest insurer just after Bao Viet Insurance and before Bao Minh and PJICO. [2] It has been the only one of the four big insurers that were able to significantly increase their market share from just over 10% in 2005, while market ...
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HSBC Holdings plc (Chinese: 滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint.