A subsidiary of Canada’s Sun Life Financial has formed a 15-year bancassurance partnership with Tien Phong Commercial Bank (TPBank) in Vietnam.
The agreement will give 2.5 million TPBank customers access to Sun Life Vietnam Insurance Company’s range of insurance solutions.
As part of the deal, Sun Life will make an initial payment of approximately C$100m (£58.5m, $75.3m, €68.5m), which will be repaid over the term of the partnership.
There will also be ongoing, variable payments, based on the success of the bancassurance deal.
“This bancassurance partnership demonstrates our focus on expanding our distribution network with world-class partners that share our goal of constant innovation,” said Léo Grépin, president of Sun Life Asean.
