Korean bank Shinhan, Vietnam insurer PJICO ink strategic cooperation deal

South Korea’s Shinhan Bank Vietnam Limited and Petrolimex Insurance Corporation (PJICO) have signed a strategic cooperation agreement to leverage the potential of both sides.

The deal is expected to promote development of diversified financial-insurance products and services, offering outstanding benefits to customers, Shinhan said in a release.

With over 30 years of development and its reputation in Vietnam’s market, Shinhan is one of PJICO’s comprehensive partners in providing quality financial products and services, effectively meeting capital needs of the enterprise to strengthen business.

Meanwhile, as a leading non-life insurance brand in Vietnam, PJICO is an insurance partner and a solid financial foundation of thousand organizations and enterprises and tens of millions of individual customers nationwide throughout 30 years.

The strategic cooperation affirms the trust of Shinhan in PJICO’s financial strength, management experiences, development capacity, and commitment to accompanying and effectively supporting partners to optimize business values.

According to the agreement, Shinhan will be a priority partner of PJICO when it comes to loans, refinancing, and credit extension needs. The bank will also widely distribute non-life insurance products of PJICO, including asset insurance, technical insurance, vehicle insurance, cargo insurance, and health insurance, to its customers nationwide.

The strategic collaboration not only helps both parties effectively elevate existing business foundations, but also provides customers with opportunities to approach diversified, convenient and secure insurance products.

Shinhan and PJICO will also intensively collaborate in implementing cash management solutions, foreign exchange transactions, and derivatives, with an aim to optimize financial efficiency and promote the growth potential of both sides.

Ryu Je Eun, deputy general director of Shinhan Bank Vietnam, stated: “The collaboration between Shinhan Bank and PJICO is built based on the trust, respect and the shared vision for the future. We believe that a solid combination in expertise, resources and determination of both parties will elevate this collaboration and achieve certain successes in the future. Thereby, it not only brings outstanding financial solutions to customers, but also contributes to the sustainable development of the economy and the community.”

According to Nguyen Thi Huong Giang, CEO of PJICO, this agreement marked an important milestone in PJICO’s development strategy, especially when it is preparing for the 30th founding anniversary.

“The collaboration not only opens up opportunities for further intensive developments between both parties, but also brings about comprehensive financial and insurance products/services, and enhances convenience and diversification for customers,” she said.

Simultaneously, the combination will optimize business values and promote advantages of PJICO and Shinhan Bank. This helps both parties simplify processes, reduce operating costs, enhance operating efficiency, and strengthen competitive capacity in the market, she added.

Shinhan Bank Vietnam is a subsidiary of Shinhan Bank Korea, an affiliate of Shinhan Financial Group (SFG). SFG is a leading financial holding company in Korea and listed in both the Korea Exchange (KRX) and the New York Stock Exchange (NYSE).

In Vietnam, Shinhan opened its representative office in Ho Chi Minh City in 1993. Over the history of 30 years, it has developed a broad network expanding from the North to the South of Vietnam.

Currently, the bank is offering a diversified portfolio of tailored corporate and consumer banking products and solutions. It has strengthened the digital transformation process by applying advanced technologies to products/services, in order to bring “More friendly, More secured and More creative” financial solutions to customers, towards the target of “Becoming the leading digital bank in Vietnam in 2030”.

With the mission of “A better world through finance”, Shinhan has constantly contributed to Vietnam’s socioeconomic development not only in terms of business operation, but also through meaningful social activities carrying profound humanity value.

The bank contributed more than VND81 billion ($3.2 million) to social activities from 2007 until the end of 2023. Particularly in 2023, it donated over VND4.8 billion, with 492 hours for social activities and 5,563 of employees' participation times.