DB Insurance (DBI), the leading provider of differentiated non-life insurance products and services in South Korea, has signed an agreement to acquire 75 per cent of Saigon-Hanoi Insurance (BSH), the Seoul-based company announced on June 16.

As an insurance market with significant potential, Vietnam has received major attention from DBI. The company marked its entry into Vietnam’s insurance market in 2015 by investing in a local insurer. Last February, it signed a deal to acquire a 75 per cent stake in Vietnam National Aviation Insurance (VNI).

With its reputation and global network, DBI, through this cooperation with BSH, will bring many development opportunities to Vietnam’s insurance market, with the acquisition also expected to contribute to boosting the country’s insurance market in the region and the world.

Regarding domestic customers, with its existing operations and relationships in South Korea, DBI can bring new opportunities to BSH and other investee insurers in Vietnam, including access to a large customer base in the East Asian country. Moreover, DBI’s strong base in Asia and business networks in many developed countries around the world, such as the US and China, etc., can be leveraged through partners with BSH, contributing to business expansion and accelerating business growth.

Through DBI’s strategic cooperation relationship with Vietnamese partners, businesses in Vietnam will also receive support in terms of distribution channels, product development, customer service, human resources development and personnel training, and technology transfer and upgrading, etc.

DBI can also provide a significant source of growth capital and an experienced team to promote and expand the insurance market in Vietnam and in other countries in the region.