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Report: FWD Group close to buying Vietcombank unit as part of US$400M deal

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Report: FWD Group close to buying Vietcombank unit as part of US$400M deal

Hong Kong-based FWD Group Management Holdings Ltd. and JSC Bank for Foreign Trade of Vietnam, or Vietcombank, are close to reaching an agreement over a US$400 million insurance deal, Bloomberg reported.

The deal will see FWD Group pay US$400 million for a unit of Vietcombank and a long-term insurance distribution agreement with the bank. It reportedly includes the acquisition of Vietcombank-Cardif Life Insurance Co. Ltd., a joint venture owned by Vietcombank and BNP Paribas Cardif.

People with knowledge of the matter said FWD Group outbid rivals including Prudential PLC, and it could still be weeks before the Hong Kong-based insurer and Vietcombank officially announce the deal.

Representatives for FWD Group, Vietcombank, BNP Paribas and Prudential declined to comment.