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Germany’s Allianz gains approval for first wholly foreign owned insurer
Published on: 2018-12-05
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041China has granted German insurer Allianz permission to set up the first wholly foreign-owned insurance holding company in the country, the banking and insurance regulator said in a statement on Sunday.

Allianz said the company expects to establish the subsidiary in 2019, adding that China is the central part of Allianz's Asian strategy.

040In the next 10 years, China will continue to lead growth in the global insurance market, with its insurance premium scale expected to increase by 14 percent annually, according to a survey from Allianz.

According to a statement on the official website of the China Banking and Insurance Regulatory Commission (CBIRC), the regulator has recently given approval to 10 financial institutions, including Fubon Bank, ICBC-AXA Assurance Co, and the Korean Reinsurance Co, to set up local subsidiaries.

Hong Kong's Chiyu Bank also received approval for a branch in Shenzhen, South China's Guangdong Province on Sunday.

Flags with the logo of Allianz SE Europes biggest insurerThe CBIRC said it will continue to implement opening-up measures in the banking and insurance sectors, while improving its risk prevention and supervision capabilities.

The newcomers are likely to offer services that can help them differentiate themselves from local providers as they aim to gain a place in the competitive Chinese banking and insurance sectors.

In a major step in the nation's financial opening drive, the People's Bank of China (PBC), the central bank, approved the application of Express (Hangzhou) Technology Services Co, a joint venture between AmEx and Chinese fintech company Zhejiang Lianlian Group, for payment clearing services in the Chinese mainland on November 9.

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