Allianz, first foreign company to acquire a stake in China's Guomin Pension

Allianz Global Investors (AGI), the asset management subsidiary of the German Allianz Group, has acquired a 2% stake in the Chinese pension insurance giant Guomin Pension.

The transaction is valued at 228 million CNY (31.4 million USD).

This operation makes AGI the first foreign company to hold a stake in Guomin Pension. This brings the share capital of the Chinese insurance company to 11.4 billion CNY (1.6 billion USD).

This acquisition came two months after AGI was granted final approval by the relevant authorities to operate as a 100% foreign-owned public fund management company in mainland China.