NU Online News Service, Jan. 2, 12:04 p.m. – Manulife Financial Corp., Toronto, says it has agreed to buy a 40% stake in Chinfon Manulife Company Ltd., Ho Chi Minh City, Vietnam, from Chinfon Global Corp., Taipei, Taiwan.
Manulife, which already owns the rest of the Ho Chi Minh life insurance company, plans to rename it Manulife (Vietnam) Ltd.
The price of the deal was not disclosed.
Manulife and Chinfon formed Chinfon Manulife in 1999. The joint venture now has 180 employees, a network of 4,600 sales representatives, and 100,000 customers. Sales reached $12 million for the third quarter of 2001, up 250% from sales for the third quarter of 2000, according to Manulife.