Swiss Re becomes Vinare’s sole foreign strategic partner

Swiss Re becomes Vinare’s sole foreign strategic partner

07/01/2008 -- 9:51 PM

Ha Noi (VNA) – The Viet Nam National Reinsurance Corporation (Vinare) has announced Swiss Reinsurance Corporation (Swiss Re) as its sole foreign strategic shareholder with 25 percent stake.

The two companies signed a strategic partnership agreement in Ha Noi on January 7.

According to Vinare CEO Trinh Quang Tuyen, Swiss Re has bought nearly 17 million shares issued by the company at a price of 75,000 VND per share.

The strategic cooperation agreement is expected to improve the business capacity of Vinare and expand its operation outside the country, said Tuyen.

According to Martyn Parker, Managing Director of Swiss Re. in Asia , as a strategic partner, the company will help Vinare improve management capacity and become a leader on the local financial services market.

Vinare is the only reinsurance services supplier in Viet Nam . It recorded an estimated turnover of 900 billion VND in 2007, a year-on-year increase of nearly 19 percent.-Enditem
(VNAgency)