Allianz Global Investors buys a 2% stake in China's Guomin Pension for $31.4m, raising its registered capital to 11.4bn yuan.
Allianz Global Investors (AGI), an arm of German insurer Allianz, has become the first foreign company to invest in China's pension insurance giant, Guomin Pension, with a 2% stake worth 228 million yuan ($31.4m). Guomin Pension, jointly launched by China's largest banks and insurers, aims to promote the country's private pension market. With AGI's investment, Guomin Pension's registered capital will rise to 11.4bn yuan, making it one of China's most capital-heavy asset managers.
June 24, 2024
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