Daiichi, one of the leading Japanese insurance groups, considered a shrewd investor, has decided to buy Bao Minh CMG, the only life insurance joint venture in Vietnam.
This has been described as a shaking deal in Japan and one of the biggest deals taking place outside the country. This is also the first corporate purchasing deal of Japanese businessmen in 2007.
Currently, Daiichi is the second biggest insurance group in Japan and it now ranks 119th among the top 500 companies in the world. Bao Minh CMG is the only life insurance joint venture in Vietnam, between Vietnam’s Bao Minh Insurance Corporation and Australian CMG.
Bao Minh is the second biggest insurer in Vietnam. It belongs to the Ministry of Finance and employs 800 people. The insurer has 23 branches and 14 representative offices nationwide with headquarters in HCMCity. Bao Minh has total assets of around VND600bil ($37.5mil).
Established in 1973, CMG is a member of Commonwealth Bank, the biggest financial service group in Australia. It has total assets of more than $200bil. CMG is operating in many countries in Asia/Pacific, including China, Hong Kong, the Philippines, Malaysia, Indonesia, Vietnam, Australia and New Zealand. It now has some 10mil clients.
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