The Vietnam-based subsidiary of Fubon Insurance Co, the non-life insurance arm of Taiwan-based Fubon Financial Holding Co, yesterday opened a new branch in Binh Duong Province.
The branch would be the Ho Chi Minh City-based non-life insurer’s third outlet in Vietnam following the establishment of its second Hanoi-based branch in June last year, a company press statement said yesterday.
Fubon Insurance chairman Shih Tsan-ming said in the press statement that the firm will next branch out into Dong Nai Province after it has expanded its clientele to include both Vietnam-based Taiwanese and foreign businesses.
In related news, the non-life arm of Cathay Financial Holding Co — Cathay Century Insurance Co — was granted approval on Monday by the Vietnamese regulator to set up a subsidiary. The financial service provider has established 30 banking outlets and five life-insurance outlets in Vietnam since 2000, it said in a press statement.
Once its non-life outlet is opened, the company hopes to expand its double growth engines of banking and insurance businesses there, the statement added.
Meanwhile, Yuanta Financial Holding Co yesterday denied local media reports that it would invite Mega Financial Holding Co chairman Wang Rong-jou to serve as vice chairman at Yuanta Financial as well as chairman of Yuanta Commercial Bank.
“The reports were purely media speculations,” a Yuanta statement read.
Fubon Insurance opens Vietnam branch
The Vietnam-based subsidiary of Fubon Insurance Co opened a new branch in Binh Duong Province.
Source: Taipei Times
