(Yicai) Oct. 23 -- Chinese lender Bank of Communications and German asset management giant Allianz Global Investors have initiated an all-around cooperation.

The partnership will effectively allocate funds and assets and give full play to the interaction of Shanghai and Frankfurt as financial centers to promote high-quality development, Huang Hongyuan, vice president of Bank of Communications, said at the signing ceremony held at the International Wealth Management Summit on Oct. 20.

Allianz Global Investors has rich experience in green investment, Huang noted. The pair will rely on their professional advantages to enrich green finance products, improve the green finance service system, and help Shanghai build itself into an international green finance hub, he added.

Allianz Global has been devoting itself to the Chinese mainland stock markets and managing one of the largest offshore funds investing in the mainland stock markets, Chief Executive Officer Tobias said, adding that Allianz Global is very honored to cooperate with Bank of Communications to expand its business in China.

Shanghai and Frankfurt are international finance centers. The former is advancing high-level opening up, with many foreign assets management companies opening businesses in the city over the past few years.

China’s six wholly foreign-owned public funds, including Allianz Fund, are based in Shanghai. Eighty-nine international asset management agencies have taken part in the city’s experiment with the Qualified Foreign Limited Partners regime and made 637 investments in China worth around CNY52 billion (USD7.1 billion). Meanwhile, 62 agencies have participated in the city’s experiment with the Qualified Domestic Limited Partners regime.

Allianz Global is an affiliate of Allianz Group, a leading comprehensive insurance and assets management firm. It had 20 offices worldwide with more than 600 investment experts and managed over EUR514 billion (USD543.9 billion) assets of institutional and retail investors as of March 31.

Editor: Futura Costaglione