ANZ Vietnam investment to provide free credit insurance
(15 June 2005 – Vietnam) Sacomreal, the real estate division of Vietnamese bank Sacombank, will provide free credit insurance to customers who borrow from the bank to buy its apartments, making it the first company in Vietnam to do so.
"People who borrow money from Sacombank to pay for our apartments in instalments will be provided with free credit insurance in case the buyer dies or suffers disabling injuries," Sacomreal said.
ANZ purchased a 10 percent stake in Sacombank, which is a private commercial bank, in March for A$35 million.
The Australian bank is looking to expand its presence in Vietnam, a country in the process of liberalising its banking system.
Sacomreal has embarked on a major construction project in several Vietnamese districts and owns 200 apartments in Ho Chi Minh City.
ANZ purchased a 10 percent stake in Sacombank, which is a private commercial bank, in March for A$35 million.
The Australian bank is looking to expand its presence in Vietnam, a country in the process of liberalising its banking system.
Sacomreal has embarked on a major construction project in several Vietnamese districts and owns 200 apartments in Ho Chi Minh City.
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