Hyundai Marine to acquire 25% stake in Vietinbank Insurance

By Lim Chang-won Posted : November 27, 2018, 09:07 Updated : November 27, 2018, 09:07

[Photo by Yoo Dae-gil = dbeorlf123@ajunews.com]


SEOUL -- Hyundai Marine & Fire Insurance, a major non-life insurer based in Seoul, will acquire a 25 percent stake in Vietinbank Insurance Joint Stock Corporation, saying the acquisition is to build a base in Vietnam's insurance market with high growth potential.

Hyundai Marine said in a regulatory filing that financial terms and other details would be disclosed when the contract is concluded. The planned acquisition of Vietinbank Insurance, a subsidiary of Vietinbank, a state-owned bank, reflects an aggressive investment by South Korean companies in the Southeast Asian country.
 
Vietnam wants South Korea's active participation in the privatization of state-run firms and financial restructuring. President Moon Jae-in has picked Vietnam as South Korea's crucial trading partner. In a survey this month, the Korea Economic Research Institute (KERI) found that Vietnam accounted for 17.7 percent of direct overseas investment by South Korean firms in 2017.



 
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