Fairfax Financial has acquired 35% of BIDV Insurance capital

Fairfax Asia has announced the acquisition of a 35% stake in BIDV Insurance Corporation, one of the leading Vietnamese non life insurers.
The two companies signed an agreement authorizing the subsidiary company of the Canadian group Fairfax Financial Holdings to take a minority stake in BIDV Insurance.

BIDV will soon issue 41 million shares for the benefit of foreign investors. Fairfax Asia will enter the capital of BIDV through the issuance of securities. The transaction is subject to the approval of the regulatory authorities.

BIDV Insurance holds an exclusive strategic bancassurance partnership with Bank for Investment and Development, one of the country’s largest banks. The turnover of BIDV Insurance amounted to 60 million USD in 2014.