ALLIANZ Global Investors (AGI), one of the investment arms of German insurer Allianz, has become the first foreign company to own a stake in China’s pension insurance giant Guomin Pension.
AGI has been permitted to subscribe to newly-issued shares representing a 2 per cent holding in the company worth 228 million yuan (S$42.5 million), the pension firm said in a statement issued on Monday (Jun 24).
Guomin Pension, jointly launched by China’s largest banks and insurers, was established in 2022 to promote the development of the country’s private pension market. REUTERS
