FWD Group 'close to acquiring Vietcombank' for $400m

Hong Kong-based FWD Group is looking to finalise a $400m acquisition of Vietnam-based Vietcombank life insurance arm, according to reports.

FWD Group is the insurance arm of Hong Kong billionaire Richard Li's investment group Pacific Century.

According to a report from Bloomberg, FWD won the bid against rival competitors including Prudential, and is set to announce the acquisition within weeks.

FWD started trading in Vietnam in 2016 through the acquisition of Great Eastern's Vietnam business for $35m. Earlier this year the company announced a $3bn takeover of Siam Commercial Bank's SCB Life. The company also recently acquired a 49% stake in HSBC Amanah Takaful in Malaysia.

Vietcombank Cardif Life Insurance is a joint venture between Vietcombank and Paris-based BNP Paribas.

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