AsemconnectVietnam - A group of shareholders of Saigon - Hanoi Insurance Corporation (BSH) signed a contract to transfer 75% of shares to DB Insurance Co., Ltd (DBI) - a leading non-life insurance enterprise in Korea.

The transaction is expected to take place by the method of order matching and/or agreement through the UPCoM trading system after receiving the approval of the Ministry of Finance and completing the procedures as prescribed by law.
According to the Resolution of the Board of Directors of BSH dated June 14, 2023, the Board of Directors of the Corporation approved the proposal of the group of shareholders mentioned in the Document dated June 13, 2023 of the group of shareholders owning nearly 75 million shares of BSH.
Accordingly, a group of 21 shareholders (including 19 individuals and 2 organizations) plans to transfer 75 million shares (equivalent to 75% shares) of BSH to DBI. This group of shareholders proposed the Corporation's Board of Directors to include it in the meeting agenda and submit it to the 2023 Annual General Meeting of Shareholders (scheduled to be held on June 20) for approval of not having to make a public tender.
With a domestic customer base, the same size and existing relationships in Korea, DBI can bring new opportunities for BSH Insurance and other insurers that DBI invests in Vietnam, including including the ability to reach a large audience from this potential country.
In addition, DBI's solid foundation in Asia and business networks in many developed countries around the world such as the United States, China, etc., can be leveraged through partners with BSH, contributing to expand business and accelerate business growth.
In addition to the above positive contributions, also through DBI's strategic cooperation relationship with Vietnamese partners, businesses in general will be supported by DBI, sharing business knowledge about distribution channels, product development, customer service, human resource development and personnel training, transfering and upgrading technology...
In addition, DBI can provide a significant source of growth capital and use experienced staff to promote and expand the insurance market in Vietnam as well as other countries in the region. As one of the potential growth markets in insurance, Vietnam has also received great attention from DBI.
In 2015, DBI marked its entry into the Vietnamese insurance market by investing in an insurance enterprise in Vietnam. In February 2023, the Aviation Insurance Corporation (VNI) also announced that DBI will receive the transfer of 75% of VNI's shares after receiving the approval of the Ministry of Finance and completing the procedures as prescribed by law.
N.Nga
Source: VITIC/Tinnhanhchungkhoan