Hanoi, Vietnam – Local bank VPBank in Vietnam has announced that it was permitted to go through with the acquisition of OPES Insurance, aimed at expanding its business lines to non-life and health insurance, paired with its current life insurance business collaborated with AIA Vietnam. This announcement was held during the bank’s Annual General Meeting (AGM) in Hanoi last 29 April.
Through the meeting, VPBank also shared that it will be contributing VND20t towards its securities arm of ASC – a subsidiary obtained earlier in the year, to tap into the investment banking and wealth management segments.
Moreover, the bank will be lifting its foreign ownership limit to 30% of the chartered capital to accommodate the private placement to the foreign investor accordingly. The proceeds obtained from the share issuance will be utilised to enhance VPBank’s financial and management capabilities, in order to extend the operation scale of the bank to serve growing credit demand.