On Friday, in a statement Allianz said, its local Chinese asset management business has received regulatory approval, marking the first wholly foreign-owned insurance asset management company in the country.
Foreign financial institutions are eager to expand their onshore footprint in China, after Beijing was forced to relax rules governing foreign ownership for players in the asset management, insurance and securities broking sectors.
Allianz Chinese unit, Allianz Insurance Asset Management Co. Ltd, will be headquartered in Beijing and will have a registered capital of RMB 100 million.
“In addition to our insurance presence in China, this license strengthens Allianz’s capabilities in delivering a holistic suite of insurance asset management products and services to the Chinese market,” said Sergio Balbinot, Chairman of Allianz China Holding
Earlier this year in February, Allianz said it would also acquire full ownership of its China life insurance business by purchasing the 49% stake held by its Chinese joint venture partner, Citic Trust.
($1 = 6.4552 Chinese yuan renminbi)