Shinhan Bank, Samsung Vina Insurance sign insurance busines partnership

Shinhan Bank Vietnam and Samsung Vina Insurance Company Limited on Wednesday announced the official signing of a cooperation agreement to distribute property insurance products of the latter to valuable corporate customers of the former.

Within the agreement's framework, property insurance products will be deployed through Shinhan Bank’s nationwide network, assisting the South Korean lender's corporate customers in Vietnam to gain access to a series of new insurance services with the insurance expertise of Samsung Vina Insurance.

Kang GewWon, CEO and general director of Shinhan Bank Vietnam, said: “I believe that this cooperation will help leverage the effectiveness, potential and strengths of both ShinhanBank and Samsung Vina Insurance to improve capacity and create competitive advantages for both sides.”

Ye Young Hae, general director of Samsung Vina Insurance commented: “Samsung Vina Insurance and Shinhan Bank Vietnam share a similar vision: a business development strategy focused towards sustainable and effective growth and risk management while sharing risks with customers with high quality services. This signing ceremony lays a foundation for the relationship between the two parties and for further successes in the bilateral cooperation relationship.”

The non-life insurance market has changed dramatically in recent years with total insurance premium revenue growing steadily every year. Of which, property insurance revenue accounted for 29% in the first six months of 2023 and achieved a growth rate of 10.9% over the same period last year, according to the Vietnam Insurance Association.

Shinhan Bank expects to bring practical values to business customers through a cooperative relationship with Samsung Vina Insurance, one of the reputable insurance companies in the Vietnamese market, and help corporate customers have more suitable insurance product options and access to comprehensive banking solutions at one transaction point.

Samsung Vina Insurance Co., Ltd (SVI) is a joint venture between Samsung Fire & Marine Insurance (SFMI), one of the top global non-life insurance companies in the world, and Vietnam National Reinsurance Corporation (VINARE), the first reinsurer in Vietnam.

In 1995, the firm's first representative office was set up in Ho Chi Minh City. In 2002. Ministry of Finance approved to establish Samsung Vina.

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

Shinhan Bank first opened the representative office in Ho Chi Minh City in 1993. Over the history of 30 years, Shinhan Bank has built a broad network expanding from the North, the Central and the South of Vietnam. Currently, the bank has been offering a diversified portfolio of tailored corporate and consumer banking products and solutions.

In 2023, Shinhan Bank received four consecutive awards from the prestigious international organizations, including Best Foreign Retail Bank Vietnam 2023 granted by Global Business Review Magazine, Best Foreign Digital Bank Vietnam2023 granted by International Business Magazine, Best Foreign Bank Vietnam 2023 granted by World Economic Magazine, and Fast Growing Corporate Bank Vietnam 2023 granted by Global Banking and Finance Review Magazine.