Munich-headquartered Allianz has been approved by Chinese regulators to become the mainland's first wholly-owned foreign insurer.
Allianz has received regulatory approval from the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission to become the sole owner of its insurance unit in the mainland.
In addition to its existing 51 percent majority stake in the joint venture, Allianz’s China subsidiary will take on Citic Trust’s 49 percent stake to achieve full ownership.
«We are very pleased to receive the approval to be the first wholly foreign-owned life insurance company in China developed from a joint venture,» said Allianz SE board member and Allianz China Holding chairman Sergio Balbinot in a statement. «Allianz is proud to be the first insurance group to benefit from the opening-up measures announced by the Chinese government.»
