Debevoise & Plimpton is advising FWD Group (“FWD”) in its exclusive 15-year bancassurance partnership with Joint Stock Commercial Bank for Foreign Trade of Vietnam (“Vietcombank”).
Under the agreement, Vietcombank will distribute FWD’s life insurance products.
As part of the transaction, FWD has also agreed to purchase Vietcombank-Cardif Life Insurance (“VCLI”), a life insurance joint venture between Vietcombank and BNP Paribas Cardif. That transaction is subject to regulatory approvals.
FWD spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia, offering life and medical insurance, general insurance, employee benefits, Shariah and Family Takaful products across a number of its markets.
Established in 1963, Vietcombank is currently the leading commercial bank in Vietnam with total assets of $50 billion. It has over 18,000 employees and more than 550 branches and transaction offices across Vietnam.
The Debevoise team advising FWD is led by Hong Kong partner Edwin Northover, and included international counsel Allison Lee and associate Monisha D’Souza.