DB Group, T&T Group sign agreement for business corporation

DB Group, South Korea's conglomerate, announced on Tuesday that it has signed a memorandum of understanding (MOU) for business collaboration with Vietnam's T&T Group.

The two parties have agreed to share their infrastructure and know-how in Vietnam, and to enhance mutual synergy through various collaborations.

T&T Group, established in 1993, is a leading Vietnamese company engaged in various businesses including financical services, energy, trade and real estate. It has over 200 subsidiaries and employs around 80,000 people.

DB Group's Vietnam business is led by DB Insurance, a property and casualty insurance unit of DB Group. Since its establishment in 1984, DB Insurance has been undertaking insurance business targeting local residents in Guam, Hawaii, California, New York and other parts of the United States. Recently, it has expanded its business operations to China and Southeast Asia, which has a high economic growth rate based on its abundant population and resources.

DB Insurance made a leap forward in Vietnam's market by acquiring PTI Insurance in 2015, becoming the third-largest insurance company in terms of market share.

In February this year, it further strengthened its business competitiveness by acquiring VNI Insurance and pursuing foreign direct investment-related licenses.

Write to Ik-Hwan Kim at lovepen@hankyung.com