BIDV MetLife makes debut Thuy Dung By Thuy Dung - The Saigon Times Daily HANOI – BIDV MetLife Life Insurance Limited Liability Company made its first public appearance in Hanoi on November 3 as a joint venture between MetLife Limited and the Bank for Investment and Development of Vietnam (BIDV). The venture has initial chartered capital of VND1 trillion (US$48 million) with 60% contributed by MetLife and the rest by BIDV and its affiliate Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation (BIC). Products of BIDV MetLife will be distributed via BIDV’s transaction offices nationwide. Customers in Vietnam can buy MetLife’s life insurance products, including those for diseases and accidents at BIDV’s 90 transaction offices in Hanoi in the initial time and other localities later, said Christopher Townsend, chairman of MetLife in Asia, at a launch ceremony on November 3. He added Vietnam is a key market in MetLife’s development … [Read more...] about BIDV MetLife makes debut
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BIDV cautious in foreign partner selection
BIDV cautious in foreign partner selection Tu Hoang By Tu Hoang - The Saigon Times Daily HANOI – Bank for Investment and Development of Vietnam (BIDV) is prudently looking for foreign strategic partners after getting approval to list on the Hochiminh Stock Exchange (HOSE). “We have received many proposals from investors from the U.S., Europe and Asia and are negotiating with them in a prudent way. Normally, it takes a bank from nine to 12 months to shorten the list and select foreign strategic partners,” Tran Phuong, BIDV deputy general director, said at the press briefing on Monday. BIDV will set aside around 30% of shares for foreign investors, including 20% for foreign strategic partners. However, Phuong declined to disclose the names of foreign investors interested in BIDV. BIDV will begin trading over 2.8 billion shares on HOSE on January 24 at the reference price of VND18,700 each. As of the end of 2013, the bank’s total assets reached VND550 … [Read more...] about BIDV cautious in foreign partner selection
BIDV to sell VND1.5-trillion debt to VAMC
BIDV to sell VND1.5-trillion debt to VAMC Hong Phuc By Hong Phuc - The Saigon Times Daily HCMC – Bank for Investment and Development of Vietnam (BIDV) will transfer around VND1.5 trillion in bad debt to Vietnam Asset Management Company (VAMC), a source told the Daily on Tuesday. BIDV is the third State-owned bank to sell bad debt to VAMC after Agribank and Mekong Delta Housing Development Bank (MHB), which have sold VND8 trillion and VND500 billion to the debt trading firm respectively. BIDV may receive approval to list its stock under the code BID on the Hochiminh Stock Exchange within the next two weeks. The current regulations require the bank to list within 90 days from the date of a listing license being issued. Nguyen Quoc Hung, permanent vice chairman of VAMC, said the company had bought over VND18 trillion in original debt as of Tuesday through the VND14.7 trillion special bond issues. The enterprise expects to approve purchases of more debt batches this week. There … [Read more...] about BIDV to sell VND1.5-trillion debt to VAMC
BIDV seeks Japan partners to promote tourism and agriculture cooperation
BIDV seeks Japan partners to promote tourism and agriculture cooperation The Saigon Times Daily HCMC - The Bank for Investment and Development of Vietnam (BIDV) looks to work with Japan’s localities, organizations, enterprises and banks to help promote tourism and high-tech farming cooperation between the two countries. BIDV chairman Tran Bac Ha raised the point at a meeting with Furuta Hajime, governor of Japan’s Gifu Prefecture in Hanoi on Wednesday, according to the Vietnam News Agency. In the past, BIDV worked with the Japanese prefecture in multiple sectors and served as a bridge between Gifu and the Vietnamese provinces of Nghe An and Binh Dinh. The bank often organizes conferences for Vietnamese firms to explore investment opportunities in Japan. In July, it will coordinate with the Vietnamese embassy in Japan and the Vietnam National Administration of Tourism (VNAT) to hold a forum on tourism and investment ties between central Vietnam and Japan. BIDV has … [Read more...] about BIDV seeks Japan partners to promote tourism and agriculture cooperation
BIDV unveils merger plan with MHB
BIDV unveils merger plan with MHB Thao Nguyen By Thao Nguyen - The Saigon Times Daily HCMC – The brand of Mekong Housing Bank (MHB) is likely to vanish in the future as the Bank for Investment and Development of Vietnam (BIDV) has announced a merger plan with MHB. BIDV will seek approval of shareholders for the merger at its annual general meeting (AGM) tomorrow. The merger will result in a possible share swap at a 1:1 ratio, meaning a MHB share will be converted into a BIDV share. MHB will also present the plan to shareholders at its AGM on the same day. According to a leader of the central bank, the agency has given the nod to the share swap ratio. BIDV’s chartered capital is eight times larger than that of MHB and by the end of 2014, BIDV’s total assets were 14.5 times greater than those of MHB. However, as the State still holds a majority stake at the two lenders, the nature of the merger is just gathering State ownership into one lender. In fact, MHB … [Read more...] about BIDV unveils merger plan with MHB