The financial and insurance group Allianz SE founded in 1890 in Berlin, is now headquartered in Munich and is the largest German insurance company. Photo: iStock

Allianz (China) Insurance Holding will become the nation’s first ever wholly-owned insurance holding company by a foreign insurer, according to an official announcement released by the China Banking and Insurance Regulatory Commission (CBIRC), The Paper reported.

The CBIRC has given the green light to parent company Germany Allianz Insurance Group to set up a subsidiary in China, and also approved the Hong Kong Chiyu Banking Corporation Ltd. to establish a branch in Shenzhen. The Allianz approval comes four years earlier than expected.

Earlier, approvals were given to ten market access applications from foreign banks and insurance companies, allowing Fubang Huayi Bank to set up a Chongqing branch and ICBC-AXA to build up an asset management firm.

In the next step, the CBIRC said it will steadily expand the opening up of China’s financial industry on the basis of continuous improvement of risk prevention and supervision capabilities.

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