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Vietnam's Bao Viet Insurance to raise capital

Bao Viet Insurance Corp, Vietnam's largest non-life insurer will raise its registered capital by 50 percent to 1.5 trillion dong.

Bao Viet Insurance Corp, Vietnam's largest non-life insurer will raise its registered capital by 50 percent to 1.5 trillion dong ($79.2 million) to boost competitiveness, it said on Thursday.

The insurer, a subsidiary of Vietnam's largest insurer, Bao Viet Holdings BVH.HM, secured Finance Ministry permission last week for the capital raising, it said in a statement.

Bao Viet Insurance said it expected insurance premium revenues to grow by 15-percent to 4.2 trillion dong this year, through an expansion of its network in coordination with Bao Viet Bank, another Bao Viet Holdings subsidiary.

The insurance unit planned for its 2010 gross profit to jump 37 percent to 300 billion dong.

Bao Viet Holdings is 18-percent owned by HSBC Holdings.

Source: Reuters
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