Vietnam’s Techcombank has received approval from the country’s Ministry of Finance to launch Techcom Non-Life Insurance Joint Stock Company (TCGIns) which is scheduled to begin operations in early November.
Techcombank will hold an 11% stake in TCGIns according to a 14 October press release and the new firms will sell a wide range of P&C products including: property, cargo transportation, aviation, motor vehicle, fire and explosion, and health insurance.
Industry veteran Chung Ba Phuong will serve as chairman of the board and legal representative, having previously held senior positions at: Techcombank, Generali Hong Kong, Manulife, and American International Group.
Techcombank becomes the latest Vietnam bank to offer P&C insurance service, following moves by VietinBank, Agribank, MB, SHB, and HDBank.
