NCB and Bao Viet Life sign Bancassurance cooperation agreement

On November 6, 2024, in Hanoi, the signing ceremony of the cooperation agreement between National Citizen Commercial Joint Stock Bank (NCB) and Bao Viet Life Corporation (a member of Bao Viet Holdings) took place, opening up opportunities for cooperation and providing superior financial solutions to customers.

So, NCB and Bao Viet Life have agreed to work together to make the most of each other's strengths. They prioritize using each other's products and services to improve business efficiency and boost the standing and competitiveness of both groups. The two parties collaborate closely in product development and customer service initiatives to deliver superior quality products and services, hence improving the customer experience.

Through this collaboration, NCB and Bao Viet Life provide customers and the market with life insurance products that include enhanced benefits, a team of highly qualified, professional consultants with strong compliance, and solutions tailored to meet customers' financial protection and investment needs. This partnership not only provides financial assistance to protect customers and their families from unforeseen risks, but also serves as an effective tool to assist customers in establishing a long-term financial reserve, thereby facilitating significant life objectives in conjunction with the financial solutions NCB offers in the market.

Speaking at the ceremony, Mr. Pham Ngoc Son, CEO of Bao Viet Life Corporation, said, "The efficacy of every collaborative relationship hinges on agreement over vision, objectives, and dedication to reciprocal advancement. The collaboration between Bao Viet Life and NCB is a strategic initiative using the strengths of two prominent brands in Vietnam, merging Bao Viet Life's reputation, experience, and service excellence with NCB's professionalism and cutting-edge technology. This amalgamation will establish a holistic distribution channel for financial, banking, and insurance services, enhancing customers' financial security and fostering a greater sense of stability in their lives."

The CEO of National Citizen Commercial Joint Stock Bank, Mr. Ta Kieu Hung, said, "The offerings from Bao Viet Life Corporation will be crucial for NCB in finalizing a comprehensive ecosystem of effective financial products and services, providing customers with exceptional financial solutions while also supporting long-term economic and community growth."

The second member of Bao Viet Holdings, Bao Viet Life Corporation, has entered into an insurance distribution cooperation agreement with NCB. Presently, Bao Viet Life possesses an extensive network of 76 member firms across 63 provinces and cities, featuring over 360 transaction offices and 180,000 consultants. As of the first nine months of 2024, Bao Viet Life possesses the most market share in both New Business Revenue and Total Insurance Premium Revenue.

Recently, NCB has garnered market approval with notable achievements. The bank has consistently increased its investments in infrastructure and technological solutions, working with leading partners both globally and regionally to go through a complete transformation in line with a new strategy. The goal is to become a bank that provides highly regarded financial services and solutions in the market.

Previously, Bao Viet Life Corporation, a subsidiary of Bao Viet Holdings, collaborated with NCB to present non-life insurance products and services to customers.

Bao Viet Holdings and NCB anticipate that their collaboration, founded on the mutual enhancement of product innovation and service quality, would provide customers with exceptional financial service experiences and maximum satisfaction. This would establish a foundation for several chances for sustained collaboration between two esteemed institutions in Vietnam's insurance, banking, and finance sectors.