One of Vietnam’s largest banks, BIDV, and global life insurance provider, MetLife, partner together to re-energize the life insurance industry in Vietnam

Hanoi, 3 November 2014 – MetLife Limited (a wholly-owned subsidiary of MetLife, Inc.), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and BIDV’s affiliate, Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation (BIC), today announced the operational launch of their joint venture, BIDV MetLife Life Insurance Limited Liability Company (BIDV MetLife), with the aim of delivering world-class, innovative insurance products  that cover the needs of Vietnamese customers across all of their life stages.  This operational launch follows the issue of the establishment and operation license by the Ministry of Finance to BIDV MetLife on July 21st 2014. The official ceremony today was attended by Mr. Christopher Townsend, MetLife’s President for Asia and BIDV Chairman Tran Bac Ha, along with other dignitaries.

​Speaking at the official launch ceremony at the Sofitel Plaza Hotel, Mr. Townsend said, “This is an great day for MetLife and we are proud to be partnering with a strong financial institution such as BIDV.  Vietnam is a key strategic focus for MetLife and today marks the beginning of a journey together with our partner BIDV towards our goal of becoming a top-tier life insurer in the country.  After today, BIDV MetLife’s Term Life, Critical Illness and Personal Accident products will be available to Vietnamese consumers initially through 90 BIDV transaction points in Hanoi, with more BIDV branches being incorporated in the future.  We look forward to bringing more products, technology and capabilities to Vietnam to help consumers to add more value to their lives.” 

Mr. Ha commented, “BIDV’s commitment to our customers as well as our drive to grow our retail business through innovation resonates with MetLife’s core values, creating a synergy that will benefit customers in Vietnam.  Partnering with MetLife will give us access to global products and the risk management expertise of MetLife. We are very pleased that with this partnership, BIDV will be able to offer a full suite of financial products to our customers.”

The JV has a charter capital of VND1 trillion (approximately US$48 million), of which 60% comes from MetLife and the rest from BIDV and BIC.  The partnership also involves an exclusive bancassurance agreement whereby BIDV MetLife’s products will be made available through BIDV’s national bank network.  Moving forward, BIDV MetLife will continue to innovate and develop products for the Vietnam market, building safety nets to help customers secure their financial security.

BIDV MetLife brings together the credibility and trust of BIDV, one of Vietnam’s oldest and leading banks, which currently serves 6 million customers, partnering with the experience of MetLife, a leading global life insurance provider with nearly 150 years of experience, serving 100 million customers worldwide, financially stable with $836.8 billion in total assets, and offering innovative financial products and high levels of service.  MetLife, a Global Fortune 500 Company, has been in Asia for over 60 years and its operating earnings for Asia in 2013 was US$1.2 billion.  MetLife brings its international best practices and significant investments in innovation, such as its e-learning platform – the first of its kind in Vietnam - to improve the way BIDV employees work and to offer increased flexibility, connectivity, speed and high-level personalization capabilities for BIDV MetLife’s customers.

About MetLife:

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is a leading global provider of insurance, annuities and employee benefit programs. MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com

About BIDV:

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) is the 2nd largest bank in Vietnam, with nearly 700 distribution points, thousands of ATMs and POS transactions in 63 provinces and cities nationwide. BIDV has more than 16,000 officers, employees and financial consultants who are well-qualified and well-trained with full experience and have been accumulated and transferred for over half of a century, BIDV always brings its customers the benefits and reliability. For more information, visit:  www.bidv.com.vn

For media inquiries, please contact:

Ms. Linda Pham, Corporate communication, MetLife Asia

Email: lpham@metlife.com

Ms. Truong Thi Lan Phuong, Branding and Public Relations, BIDV

Email: phuongttl3@bidv.com.vn