|HDBank will choose a life insurance partner for an exclusive bancassurance deal|
At the bank's general shareholders meeting in April, HDBank's vice chairwoman Nguyen Thi Phuong Thao said that the bank has received a lot of attention recently for an exclusive bancassurance agreement.
"Many international life insurance companies have offered to cooperate with HDBank, but the negotiation has not been completed due to the pandemic," said Thao. "However, we are not under any pressure to sign an exclusive bancassurance deal at the moment because the contract value in 2021 or next year would be significant."
Last year, some major lenders have entered the bancassurance competition by co-operating with life insurers. For instance, ACB inked a monopoly deal with Sun Life and VietinBank teamed up with Manulife.
Despite the adverse impacts of the pandemic, the bank reported its pre-tax revenue of VND5.818 trillion($252.96 million) last year, equivalent to an increase of 15.9 per cent on-year.
In the first quarter of this year, HDBank recorded VND2.1 trillion ($91.3 million), up more than 68 per cent on-year.
The bank is accelerating its digitally-led services with its "Di HDBank" application. Moreover, a majority of the bank's customers have conducted online transactions on the HDBank digital banking platform via its Electronic Know Your Customer (eKYC) implementation.
Pham Quoc Thanh, general director of HDBank, said that since the last quarter of 2020, the bank has reinforced insurance cross-selling initiatives, with many positive performances in return. The bank sets a target this year to collect VND1 trillion ($43.5 million) of insurance service fees.
"Revenue from insurance services is an attractive promise for us in order to diversify our sources of income while reducing reliance on revenue from lending activities," added Thanh.
By Lam Tien
- Japan's Nippon Life eyeing M&A for foreign boutique bond and alternative funds
- Brexit breakthrough: Full text of EU/UK Brexit deal first stage
- Best Legoland 2018 deals for a cheap family day out including day tickets from £13, 2-for-1 offers and stays from £35pp
- What happens when you move across the world for love, then break up?
- How Britain's biggest love rat was finally brought to justice by the women he shamelessly cheated and conned
- Get free tickets to a range of family-friendly theme parks across the UK — plus find out how to get our Holidays From £9.50
- Halloween is a dangerous time for kids to have a mishap in the home — plus find out how to win £5K
- Win a £50,000 mega cheque from Sun Savers — plus find out how to get our Holidays From £9.50
- Daily horoscope for Saturday November 25 – here’s what the stars have in store for you today
- These are the questions you should never ask trans people
HDBank to choose life insurer partner for upcoming exclusive bancassurance deal have 449 words, post on vir.com.vn at May 5, 2021. This is cached page on Talk Vietnam. If you want remove this page, please contact us.