The Vietnam-based subsidiary of Fubon Insurance Co (富邦產險), the non-life insurance arm of Fubon Financial Holding Co (富邦金控), 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 (石燦明) 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 (國泰金控) — Cathay Century Insurance Co (國泰產險) — 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 (元大金控) yesterday denied local media reports that it would invite Mega Financial Holding Co (兆豐金控) chairman Wang Rong-jou (王榮周) to serve as vice chairman at Yuanta Financial as well as chairman of Yuanta Commercial Bank (元大銀行).
“The reports were purely media speculations,” a Yuanta statement read.
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