German Allianz to equip in China’s mega grant consort with 2% wager – Journal Today Online

BEIJING/HONG KONG (Reuters) – Allianz Global Investors (AGI), digit of the assets blazonry of Teutonic underwriter Allianz, has embellish the prototypal external consort to possess a wager in China’s grant shelter colossus Guomin Pension.

AGI was allowed to hold to new issued shares representing 2% in the company, and the wager is worth 228 meg yuan ($31.40 million), the grant concern said in a evidence issued Monday.

Guomin Pension, together launched by China’s maximal banks and insurers, was ingrained in 2022 to encourage the utilization of the country’s clannish grant market.

The grant giant’s qualified top module uprise to 11.4 1000000000 yuan with AGI’s investment, making it digit of the most capital-heavy quality managers in China.

Global business firms hit in past eld wanted to verify conception in China’s nascent clannish grant sector, which is seen as potentially profitable as open pensions diminish and the accumulation ages.

Allianz’s acquire comes digit months after it won test support to start a 100%-owned money organisation in China catering to onshore retail and institutionalised investors, and potentially pensioners.

($1 = 7.2617 Asiatic yuan renminbi)

(Reporting by Peiping and Hong Kong newsroom, Editing by Louise Heavens and Miral Fahmy)