The Bank for Investment and Development of Vietnam Insurance Joint Stock
Corporation (BIC) has announced it will pour nearly 5 million USD into
its subsidiary companies in Laos and Cambodia .
Under BIC’s plan recently approved by the Finance Ministry, the
corporation will spend 420,000 USD to increase its stake in the
Laos-Viet Insurance Joint Stock Company (LVI) from the current 51
percent to 65 percent.
BIC will also buy back the 65
percent stake of the Cambodian Investment and Development Co. , Ltd (
IDCC ) worth 4.55 million USD in the Cambodia-Vietnam Insurance Joint
Stock Company (CVI).
Established in 2008 with a
chartered capital of 3 million USD, LVI currently holds the second
largest share in Laos ’ insurance market.
CVI was
set up in 2009 with a chartered capital of 7 million USD. It is now the
fourth largest insurer in Cambodia , with an average annual premium
growth of 70 percent in the 2010-2012 period.-VNA