ALLIANZ announced that it has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) for the preparatory establishment of an insurance holding company in China.
“The company – ALLIANZ (China) Insurance Holding Company Limited – will be China’s first-ever wholly-owned insurance holding company by a foreign insurer, and will be based in Shanghai”, as the German insurer announced in a statement.
ALLIANZ expects the holding company to be established in 2019, and will work on the necessary preparatory work under the guidance and assistance of the regulatory authorities.
The regulatory approval follows a series of measures recently announced by the Chinese government to further open up and encourage investment in China by foreign financial insurance institutions.
This development follows the long-term positive bilateral relationship between China and Germany, and furthers its continued cooperation and collaboration…