France-based financial services group AXA and Bao Minh Insurance have signed an agreement to establish a strategic partnership in the Vietnamese insurance market. As part of this agreement, AXA will acquire a 16.6% stake of the share capital of Bao Minh for a total amount of E54 million.
As part of the partnership, and in order to fully benefit from the growth prospects of the Vietnamese market, Bao Minh will have access to the technical expertise of AXA’s global and regional platforms.
The agreement is expected to be completed before the end of September 2007.