Intellasia News Services -- Military Bank launches insurance arm

Military Bank launches insurance arm
Source: 20-NOV-2007 Intellasia | VNA
20 Nov, 2007 - 7:00:00 AM

The Military Insurance Co (MIC)'s debuted on November 15 with a chartered capital of 300 billion dong (US$18.6 million) and will operate in non-life insurance, reinsurance, financial investment and real estate.

MIC chief accountant said: "70% of the legal capital is held by 10 founding shareholders, who are prime banks and companies in Vietnam. The Military Bank (MB) and the Vietnam Bank for Private Enterprises (VPBank) are the biggest shareholders."

By the end of the year, the company will open five to seven branches in the country's key provinces and cities. The company will open five to seven branches in the country's key provinces and cities. The company hopes to raise its charter capital to at least 500 billion dong by the end of 2008.

Chair of MIC's management board Le Cong said that in the next five years, MIC would have at least 40 branches worldwide and a charter capital of one trillion dong.