PwC advised IAG International Pty Ltd on the full divestment of its equity stake in AAA Assurance Corporation (“AAA”) to Bamboo Capital JSC (“BCG”)
The Corporate Finance teams from PwC Malaysia, PwC Vietnam and PwC Australia (“PwC”) are pleased to announce completion of the sale of AAA Assurance Corporation (“AAA”) by IAG International Pty Ltd (“IAG”) to Bamboo Capital JSC (“BCG”).
IAG is the largest insurance company in Australia and New Zealand with a presence in Asia. The Group’s businesses underwrite more than AUD 12 billion of premium per annum, selling insurance under many leading brands. In 2018, IAG announced the sale of its operations in Southeast Asia including Vietnam.
AAA has operated in the Vietnam general insurance sector since 2005 and has been a consolidated subsidiary of IAG since 2013. The buyer, BCG, since its incorporation in 2011, has grown into one of the leading conglomerates in Vietnam with more than 30 subsidiaries and affiliates. BCG is one of the top multi-industry investment companies in Vietnam operating in manufacturing & trading, construction, real estate, hospitability, renewable energy, and looking to engage in the financial services sector.
The Corporate Finance team from PwC acted as the exclusive financial advisor to IAG in connection with the transaction.
The transaction was signed in October 2021 and received final approval by the Ministry of Finance in December 2021.
The PwC team:
| Dr Gregory Bournet, CFA Partner, PwC Malaysia and PwC Vietnam |
Stuart Goddard Partner, PwC Australia |
| Joanne Yap Senior Manager, PwC Malaysia |
Pham Duc Dung, CFA, FRM, ASA, MBA Manager, PwC Vietnam |
| Le Ngoc Lan, CFA Senior Associate, PwC Vietnam |
Nguyen Thi Ngoc Mai Senior Associate, PwC Vietnam |
| Chern Wei Lau Senior Associate, PwC Malaysia |
Contact us
Deals Partner, Corporate Finance Leader, PwC Malaysia
Tel: +60 (3) 2173 0269
