Beijing based Anbang Insurance Group, and Allianz SE, have announced the signing of a sale and purchase agreement by which Allianz Group is to sell Allianz Life Insurance Korea and Allianz Global Investors Korea to Anbang Insurance Group.
In a note to finews.asia the Munich headquartered Allianz said the transaction came after an extensive review by Allianz to secure long-term growth for Allianz Life Insurance Korea and Allianz Global Investors Korea.
The addition of the Allianz Korean business units to Anbang’s global portfolio is expected to bring further opportunities for Anbang as well as its affiliates in Asia.
The expanded group will be able to offer clients more competitive, innovative products and services through its extensive global network and considerable capital strength of Anbang. The transaction is subject to local regulatory approvals.
Abondoned Starwood Bid
«I am convinced that Anbang Insurance Group is in a very good position to nurture the company into an even stronger organization with a successful future,» said Maximilian Zimmerer, member of the board of management of Allianz SE with responsibility for Investments and Insurance Asia Pacific.
Anbang Insurance recently abandoned its $14 billion bid for Starwood Hotels & Resorts Worldwide, refusing to enter into a bidding war, which paved the way for Marriott International to buy the Sheraton and Westin hotels operator.
