SINGAPORE : Singapore's largest life insurance group Great Eastern Holdings has obtained a licence to operate a wholly-owned subsidiary in Vietnam.

Some S$60 million of initial capital is to be pumped into the subsidiary Great Eastern Life Assurance Co (Vietnam).

Great Eastern has been present in Vietnam since 2004.

It already has two representative offices in the country which have been working with local authorities to develop the insurance industry there.

The Vietnam-unit is targeting to commence business operations within the next six months.

The head office will be based in Hanoi.

Great Eastern Holdings plans to expand the scope of its business in Vietnam to include asset management services. - CNA/ms