HSBC provides cash collection services for Bao Viet Life

VNStockNews.com - HSBC Bank (Vietnam) Ltd. on Wednesday signed an agreement with Bao Viet Life Corporation (Bao Viet Life), helping collect money for the life insurer via over 1,600 post offices across the country.

Under the agreement on the provision of cash collection at alliance counters service, HSBC from now on supports Bao Viet Life to collect insurance premiums from its selling agents at these post offices. In September this year, the bank had already partnered with Vietnam Post Corporation to provide HSBC banking services at over 1,600 post offices.

HSBC is the first foreign bank in Vietnam to introduce this service, and Bao Viet Life, a member of Bao Viet Holdings as one of HSBC’s strategic partners, has become the first corporate customer to utilize the new facility.

Hanoi will be the bank’s pilot run this year and in 2010 HSBC will expand this service, enabling individual customers of Bao Viet Life to pay their insurance premiums at any of the 1,600 post offices nationwide.

“I am very proud that HSBC has signed this agreement with Bao Viet Life so soon after commencing our cooperation with Vietnam Post,” said Thomas Tobin, chief executive officer of HSBC Vietnam, in a statement.

“Now Bao Viet Life customers can benefit from the same level of service and convenience enjoyed by HSBC retail banking customers,” he said.

Bao Viet Life selling agents and soon its individual customers will have the option of making cash payment at such post office counters, instead of having to travel to their nearest bank or Bao Viet office to do so.

Following the signing with Bao Viet Life, more corporations with customers issuing periodic payments, such as those in the utilities, telecoms, property management and insurance industries, are expected to benefit from this new service, according to HSBC.