Woori Bank Vietnam, Samsung Vina Insurance team up for bancassurance

South Korea's Woori Bank revealed on Thursday that its Vietnamese operation, Woori Bank Vietnam, has signed a property insurance business agreement with Samsung Vina Insurance, Samsung Fire & Marine Insurance's Vietnamese operation. 

This partnership marks Woori Bank Vietnam's inaugural bancassurance agreement with Samsung Vina Insurance. It promises to amplify the convenience of property insurance-related operations for the bank's corporate clients.

The agreement paves the way for Woori Bank's diverse customer base in Vietnam to effortlessly access new insurance services, leveraging Samsung Vina Insurance's superior insurance capabilities.

Concurrently, Woori Bank is poised to enhance its competitive edge by fortifying its profit structure, notably through an expansion of non-interest incomes.

Established in 2002, Samsung Vina Insurance was the first South Korean insurance company to set foot in Vietnam. It is lauded as one of the most trusted insurers in the region, attributed to its solid financial structure and high insurance payout ratio.

Write to Eui-jin Jeong at justjin@hankyung.com