Canadian insurance firm buys 35% BIC stake
Fairfax Asia Limited, a subsidiary of Canadian insurance and reinsurance firm Fairfax Financial Holdings Limited, has bought 41 million shares in the BIDV Insurance Corporation (BIC).
With this 35% stake, Fairfax Asia will become a strategic investor of BIC.
Fairfax Asia and BIDV signed an agreement to this effect on May 4, 2015.
The finance ministry on August 8, 2015, approved in principle Fairfax Asia's plan to become a strategic shareholder of BIC.
BIC holds a 65% stake in Lao Viet Insurance Company and a 51% stake in Cambodia Vietnam Insurance Plc. It established a representative office in Myanmar in June 2015.
As of the third quarter of 2015, BIC earned VND765.4 billion (US$34 million) in revenue and VND94 billion (US$4.17 million) in pre-tax profits.
Fairfax Financial Holdings, established in 1985, has assets worth US$42 billion and earned US$550.4 million in pre-tax profits in the first nine months of 2015.
Fairfax Asia and BIDV signed an agreement to this effect on May 4, 2015.
The finance ministry on August 8, 2015, approved in principle Fairfax Asia's plan to become a strategic shareholder of BIC.
 |
| Transaction is being taken at the BIDV Insurance Corporation (BIC). (Photo: vtc.vn) |
BIC holds a 65% stake in Lao Viet Insurance Company and a 51% stake in Cambodia Vietnam Insurance Plc. It established a representative office in Myanmar in June 2015.
As of the third quarter of 2015, BIC earned VND765.4 billion (US$34 million) in revenue and VND94 billion (US$4.17 million) in pre-tax profits.
Fairfax Financial Holdings, established in 1985, has assets worth US$42 billion and earned US$550.4 million in pre-tax profits in the first nine months of 2015.