The Hong Kong office of Debevoise & Plimpton has advised FWD Group (“FWD”) in a 15 year bancassurance agreement with An Binh Bank (“ABBANK”) in Vietnam.
Under the agreement, FWD will become ABBANK’s bancassurance partner in Vietnam, with the right to distribute, on an exclusive basis, FWD’s life insurance and savings products to the bank’s customers for a term of 15 years.
FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore and Vietnam, offering life and medical insurance, employee benefits, and general insurance across a number of its markets. It entered the Vietnamese market in June 2016 with the acquisition of The Great Eastern Life (Vietnam) Company Limited, which will be rebranded with the FWD name and brand.
ABBANK is a leading bank in Vietnam, with a network of 118 offices in 28 provinces nationwide.
The Debevoise team advising FWD was led by Hong Kong international counsel Edwin Northover, with associate Allison A. Lee. The transaction is the latest in a series of bancassurance deals on which Debevoise has advised in Asia.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.