MILITARY BANK IN VIETNAM GAINS INSURANCE APPROVAL

Vietnam’s Military Bank has been granted a licence to establish an in-house insurer, Military Insurance Co (MIC), offering non-life services before the end of the year. MIC has 300m dong ($18.7m) in charter capital. The company will offer motor, property and cargo insurance, plus accident insurance. Vietnam News said that it was the first such licence granted by the Vietnam government this year. Founding shareholders are VP Bank, the Military Petrochemical Company, Construction Company No 319, Truong Son Construction, Duc Hoang Joint Stock and Thanh Binh-Hanoi.