L. Joseph
Phone:  (202) 473-7700
Fax:  (202) 974-4384
E-mail:  ljoseph@ifc.org


Washington D.C., October 10, 2002—The International Finance Corporation (IFC), the private sector development arm of the World Bank Group, announced today that it will take a 15 percent stake in Allianz General Insurance (Vietnam) Co. Ltd. (Allianz).  Allianz provides non-life insurance to foreign corporations and small and medium-sized domestic companies in Vietnam where it has been operating since 1999.

Karl Voltaire, IFC Director for Global Financial Markets said, “The project is expected to have significant developmental impact.  It will provide Vietnam’s growing private sector with more sophisticated risk management services, thus helping them to compete internationally.  It will also help to set benchmarks for the industry in terms of corporate governance, operating and accounting practices, and transparency.”

Jean-Noel Rousselle, CEO, Allianz General Insurance (Vietnam) Co., Ltd. added,  “Allianz is pleased to have been selected as IFC’s strategic partner.  We are confident that our combined strengths will make a valuable contribution to the growing insurance market and improve corporate standards across the board.”

Allianz General Insurance (Vietnam) Co., Ltd., a subsidiary of the Allianz Group, was originally present through the French insurer, AGF.  When Allianz became a major shareholder in AGF in 1999, the operation was renamed Allianz /AGF Insurance (Vietnam) Co., Ltd.  To leverage on Allianz’s global brand, in late 2002 Allianz /AGF Insurance (Vietnam) Co., Ltd. was renamed Allianz General Insurance (Vietnam) Co., Ltd.

IFC’s mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.  Since its founding in 1956 through FY02, IFC has committed more than $34 billion of its own funds and arranged $21 billion in syndications for 2,825 companies in 140 developing countries.  IFC’s worldwide committed portfolio as of FY02 was $15.1 billion for its own account and $6.5 billion held for participants in loan syndications.