Bamboo Capital Group completed acquisition of 80.64 per cent share of AAA Insurance

07-Dec-2021 Intellasia | VIR | 5:02 AM Print This Post

Bamboo Capital Group and its subsidiary BCG Financial JSC on December 2 received the Ministry of Finance’s approval for the acquisition of 80.64 per cent of shares of AAA Insurance JSC.

AAA Insurance currently has 112.26 million shares, of which BCG now owns 79.7 million shares and BCG Financial owns 10.8 million shares, equivalent to 71 and 9.64 per cent ownership.

With a total ownership of 80.64 per cent, Bamboo Capital Group has replaced IAGas the largest shareholder of AAA Insurance.

According to Pham Minh Tuan, vice chair of Bamboo Capital Group, this deal marks the official entry of BCG into the Vietnam insurance market.

“It is our long-term vision to build up a solid base for the financial sector to develop four strategic spearheads, which are insurance, banking, fintech, and securities services. We also intend to continue improving the service quality of AAA Insurance and expand to the life insurance segment in the near future,” said Tuan.

From September 2021, BCG has expanded the group’s activities into the financial services sector by establishing BCG Financial JSC.

BCG Financial is the fifth strategic business segment of Bamboo Capital Group while manufacturing, construction, real estate, and renewable energy are the first four segments. BCG’s long-term strategy is to build an ecosystem that works sustainably and robustly. In the upcoming time, BCG plans to affirm its position in the field of banking, securities services, and fintech.

Established in 2005, AAA Insurance is one of the pioneering non-life insurance companies in Vietnam. Since 2013, AAA Insurance became a subsidiary of Insurance Australia Group Ltd (IAG).

After 16 years of establishment, AAA Insurance opened 51 branches and 100 transaction offices nationwide.

However today, AAA has been restructured and operates under a much more efficient footprint of 17 branches and transaction offices.

AAA Insurance specialises in providing products for individual and corporate customers such as construction insurance, fire and explosion insurance, motor vehicle insurance, personal accident insurance, travel insurance, and some others.

BCG Financial JSC provides financial services with a charter capital of VND400 billion ($17.4 million), 80 per cent of which is held by BCG.

BCG Financial is the fifth strategic business segment of BCG while manufacturing, construction, real estate, and renewable energy are the first four segments. In the upcoming time, BCG Financial plans to affirm its position in the field of banking, securities services and fintech.

https://vir.com.vn/bamboo-capital-group-completed-acquisition-of-8064-per-cent-share-of-aaa-insurance-89667.html

 

Category: Finance, Vietnam

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