Hong Kong-based insurer FWD Group has agreed to buy Vietcombank-Cardif Life Insurance (VCLI), a life insurance business jointly owned by Vietcombank and BNP Paribas Cardif.

Financial terms of the transaction were not disclosed.

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Upon completion of the deal, which awaits regulatory nod, VCLI will become part of FWD’s Vietnam unit.

Existing VCLI policies will be retained, with no impact on current clients.

The takeover is part of a 15-year bancassurance pact between the two parties.

FWD Group CEO Huynh Thanh Phong said: “This transaction and partnership with Vietcombank will take our Vietnam business to the next level and boost our ambitions to build a leading bancassurance franchise across the region as we continue to change the way people feel about insurance.”

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The bancassurance partnership makes Vietcombank responsible for the distribution of FWD’s life insurance offerings.

Vietcombank chairman Nghiem Xuan Thanh said: “FWD Vietnam – the unit assigned by FWD Group to directly implement the partnership – has a prominent advantage in digitalising all business processes, with a solid strategy of developing diversified, simple and suitable products for each customer segment that aligns with the Digital Banking Transformation and Retail Banking Operation Development Strategy of Vietcombank.”

Earlier this year, FWD announced the purchase of Siam Commercial Bank’s life insurance operations in a $3bn deal. The Hong Kong-based firm recently also inked an agreement to acquire MetLife’s Hong Kong unit.