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Chinese insurer seeks approval for Allianz Korea purchase plan

All Headlines 17:15 August 30, 2016

SEOUL, Aug. 30 (Yonhap) -- China's Anbang Insurance Group has formally requested South Korea's financial regulator to approve its plan to acquire the local operation of Germany's Allianz, an official said Tuesday.

All individuals or entities seeking to become controlling shareholders of South Korean financial services firms are subject to the screening of qualifications by the regulatory authorities here.

In April, Anbang struck a deal to buy Allianz Life Insurance Korea for US$3 million.

The Chinese group applied for approval last week for the takeover, the official at the Financial Services Commission said, requesting anonymity.

It usually takes about two months to review such an issue, added the official.

lcd@yna.co.kr
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