Banking News

Allianz in China joint venture

Allianz in China joint venture

(China) - German insurer Allianz has been authorised to set up an asset management joint venture with Shanghai based Guotai Junan Securities. Allianz, the first foreign company allowed into the Chinese funds management industry, will own 33 percent of the US$12 million venture.

Other foreign players, such as ABN Amro, BNP Paribas, Fortis, ING and UBS are expected to follow Allianz's path into China.

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