Fairfax to purchase stake in BIDV Insurance

Posted On: May. 5, 2015 12:00 AM CST

Canada-based Fairfax Financial Holdings Ltd. has said that it is set to purchase a 35% equity stake in Vietnam's BIDV Insurance Corp., reported The Globe and Mail.

Fairfax expects to close the deal in the third quarter of 2015.

Fairfax has not revealed the financial terms of the agreement.

BIDV "has a very strong presence in Vietnam, as well as Cambodia and Laos, and this is a great opportunity for us to expand in the region," said Fairfax chairman and CEO Prem Watsa.