The Hanoitimes - Korea`s Mirae Asset Life Insurance has officially launched its merged entity with Prevoir Vietnam Life Insurance, marking its foray into rapidly growing Southeast Asian financial market.
Last year, Mirae Asset Life Insurance entered an agreement to purchase 50% equity in Prevoir Vietnam Life Insurance for US$48.5 million, becoming the largest shareholder in the new entity, according to a report by Pulse News.
Prevoir Vietnam is reportedly the 10th largest life insurer in the Southeast Asian country. It currently focuses on bancassurance in alliance with seven local banks.
With this, Mirae Asset Life Insurance follows many other companies under the Mirae umbrella to have a presence in Vietnamese including Mirae Asset Daewoo Co., Mirae Asset Global Investments Co., Mirae Asset Capital Co.
Early this year, Mirae Asset Global Investments inked a joint venture agreement with a subsidiary of Vietnam's sovereign wealth fund State Capital Investment Corporation (SCIC).
The firm will acquire a full stake in Tin Phat Management Fund and issue shares worth 30% of its total holdings to SCIC's subsidiary SIC to form the joint venture.
Mirae Asset Global Investment, however, did not respond to Hanoitimes' enquiries regarding the deal.
After the acquisition is completed, Mirae Asset will become the first Korean manager to set up an investment management entity in Vietnam.
Mirae Asset has been present in Vietnam since 2006 via its representative office which offers fund management advisory services to South Korean and Vietnamese clients. At the end of December 2017, Mirae Asset Securities was established.
Recently, Mirae Asset Venture Investment, a subsidiary of Mirae Asset, and partner Korea Investment Partners (KIP), has invested in Vietnamese mobile platform Appota in last April.
Mirae Asset is a leading Korean financial corporation with presence and services in 15 countries and managing assets up to US$325 billion. A notable investment of Mirae Asset in Vietnam was the acquisition of Keangnam Landmark 72, Vietnam's tallest building, for US$350 million, through Mirae Asset Securities and AON BGN at ine end of 2016.
Another subsidiary of Mirae Asset, Mirae Asset Finance also provides consumer lending in Vietnam. The company recently increased its capital to VND700 billion (US$30.8 million) to expand its operations.
Mirae Asset Securities, with a charter capital of VND2 trillion (US$88 million) is the third largest securities company in Vietnam in this respect.