August 27, 2021

[Corporate News] HDI Global, IFC join forces to develop PVI Holdings

HÀ NỘI — HDI Global SE and International Finance Corporation have entered into a strategic partnership to help strengthen PVI Holdings into a leading insurance company in Việt Nam and Southeast Asia.

HDI has sold a 6.29 per cent stake in PVI Holdings to IFC.

Together, they own more than 51 per cent, and own more than 54 per cent of voting rights.

IFC joins PVI Holdings as an additional long-term anchor investor alongside HDI Global and Vietnam Oil and Gas Group (PVN), who remain major shareholders.

HDI Global and IFC, including two investment funds managed by the IFC Asset Management Company – IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund — intend to join forces and improve PVI Group's corporate governance, risk management and compliance policies, aligning them with international best practices.

They also intend to consolidate PVI's position as the leading provider of insurance solutions in Vietnam’s commercial and industrial sectors and drive its expansion into Southeast Asia.

Besides, they seek to expand its status as a leading provider of non-life insurance products.

Long-term commitment

Following the sale of the shares to IFC, HDI Global will continue to remain the biggest shareholder in PVI Holdings with 45.9 per cent of the charter capital and 48.1 per cent of voting rights.

It intends to retain the investment and achieve majority shareholding over the long term.

Việt Nam is part of the emerging economic regions in Southeast Asia.

Through its shareholding in PVI Holdings, HDI Global is one of the leading property insurers in the region, and hopes to expand its dominance.

Since its purchase of stakes in PVI Holdings, HDI Global has played a significant role in supporting the regional expansion of the company with management know-how.

As a result, the insurer has created a large number of jobs for highly qualified people in Việt Nam.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries.

IFC Asset Management Company, one of its divisions, mobilises and manages capital for investment in businesses in developing and frontier markets.

As an industrial lines insurer, HDI Global SE meets the needs of SMEs, industrial companies and corporate customers with insurance solutions that are specifically tailored to their requirements.

In addition to its prominent position in the German and European markets, the company also has operations in more than 150 countries through foreign branch offices, subsidiary and peer companies and network partners.

It is thus able to offer its customers local policies for their global operations, which ensure that the established service and insurance protection is extended for all covered risks worldwide.

HDI Global SE is a company under the Industrial Lines Division of the Talanx Group. The rating agency Standard & Poor’s has given the Talanx Primary Group a financial strength rating of A+/stable (strong). Talanx AG is listed on the Frankfurt Stock Ex-change in the SDA.

The 3,700 employees in this division generated gross written premiums of 6.7 billion euros in 2020.

(vietnamnew.vn)

More News

See all

February 16, 2024

[Work @ EuroCham] GEFE EXHIBITION PROJECT MANAGER – based in Ho Chi Minh City

Read more

February 15, 2024

[Work @ EuroCham] Operations Officer – based in Central Vietnam

Read more

January 30, 2024

[Work @ EuroCham] GREEN GROWTH SECTOR COMMITTEE & SUSTAINABLE FINANCE SECTOR COMMITTEE INTERN – based in Ho Chi Minh

Read more

January 26, 2024

EuroCham and VAFIE Discuss EU Investment Trends and Challenges in Vietnam

Read more

January 26, 2024

EuroCham Vietnam and Ho Chi Minh City unite for sustainability

Read more

January 26, 2024

EuroCham’s Construction Sector Committee: spearheading sustainable development in Vietnam’s construction industry

Read more

January 26, 2024

[CORPORATE SUPPORT] A smart factory for smart materials: BASF celebrates the inauguration of its TPU plant at the Zhanjiang Verbund site

Read more

January 24, 2024

EuroCham Vietnam and Ho Chi Minh City unite for sustainability

Read more

January 24, 2024

[CORPORATE PARTNER] PwC – Asia Pacific climate actions not on track: Moving beyond commitment and towards transformation

Read more

January 19, 2024

[EXTENDED DEADLINE] [Work @ EuroCham] GEFE Project Officer and GEFE Project MarCom Officer – based in Ho Chi Minh

Read more

January 19, 2024

Economic Insights Unveiled at “Economic Outlook 2024” Business Luncheon organized by EuroCham and BritCham

Read more

January 19, 2024

EuroCham Vietnam’s latest Whitebook proposes recommendations for boosting investment for a greener, more sustainable economy

Read more

January 19, 2024

[SUPPORTED CONTENT] PWC recently launched report on the impact of Corporate Sustainability Reporting Directive (CSRD)

Read more

January 19, 2024

EuroCham Construction Sector Committee Meets with Ministry of Construction to Foster Industry Dialogue

Read more

January 18, 2024

High-Level Hungarian delegation meets with EuroCham Vietnam, CEEC, and Consulate General of Hungary

Read more

January 12, 2024

EuroCham Rings in 2024 with Festive Celebration in Hanoi

Read more

January 12, 2024

Ringing in 2024 with Cheer at EuroCham’s New Year Celebration in Ho Chi Minh

Read more

January 05, 2024

Successful EuroCham Vietnam advocacy outcome regarding Circular on Nutritional Labeling

Read more

January 05, 2024

Vietnam’s business confidence gains traction in Q4 2023 amid challenges: EuroCham Vietnam Business Confidence Index (BCI)

Read more

January 05, 2024

Vice-Chairman Minh Nguyen continues tenure on Prime Minister’s Advisory Council for Administrative Procedures Reform

Read more

December 19, 2023

[Work @ EuroCham] MEMBERSHIP ASSISTANT – based in Ho Chi Minh

Read more

December 19, 2023

EuroCham’s constructive engagement at the Ministry of Foreign Affairs’ 21st National Conference on Provincial Affairs

Read more

December 15, 2023

Memorandum of understanding signing ceremony on enhancing the regulatory environment and healthcare access towards promoting technological advancements in the medical device sector

Read more

December 15, 2023

[Sector Committee Spotlight] Mobility Sector Committee

Read more

December 15, 2023

EuroCham’s mission to Da Nang: strengthening ties and showcasing investment potential in Central Vietnam

Read more

December 14, 2023

[CORPORATE PARTNER] BASF launches Irgastab® PUR 71, a cutting-edge antioxidant improving regulatory compliance and performance for polyols and polyurethane foams

Read more

December 08, 2023

[CORPORATE PARTNERS] BASF engages young minds in chemistry with two new Virtual Lab experiments in Vietnamese

Read more

December 08, 2023

[Event Recap][Breakfast talk] EuroCham Construction Sector Committee’s Successful HCMC Breakfast Talk on Designing with AI!

Read more

December 08, 2023

Vietnam enhances climate role at COP28 with JETP Resource Mobilization Plan

Read more

December 08, 2023

[CORPORATE PARTNERS] The Corporate Sustainability Reporting Directive (CSRD) is resetting the value-creation agenda

Read more

Pour une expérience optimale, veuillez tenir votre mobile à la verticale !

Platinum Partners

Gold Premium Partners

Gold Partners

Silver Partners

Premium Service Partners