(Yicai Global) Sept. 14 -- German financial services group Allianz recently opened China’s first wholly foreign-owned insurance asset management company following licensing and months of preparation.
Allianz Insurance Asset Management will focus on cross-border business and green investment on the basis of its parent company’s experience in overseas investment and the low-carbon sector, said Chen Liang, chief executive of Allianz China Insurance Holdings and the new firm’s proposed first chairman.
Chinese regulators approved the set up of Allianz Insurance Asset Management in January, after it complied with all requirements. It has registered capital of CNY100 million (USD15.5 million).
The China Banking and Insurance Regulatory Commission will support qualified foreign-backed financial institutions to invest in and set up insurance asset managers that meet the necessary requirements, a CBRIC official said last December.
Editors: Tang Shihua, Futura Costaglione