Allianz Global Investors (AGI), a investment unit of the German insurance company Allianz, has become the first foreign company to acquire a stake in the Chinese pension insurance giant Guomin Pension.

AGI has received permission to be registered as the owner of newly issued shares representing 2 percent of the value of Guomin Pension, with the value of the stake amounting to 228 million yuan (31.40 million dollars), the Chinese pension insurance company announced today, as reported by Reuters.

Guomin Pension, jointly launched by China’s largest banks and insurance companies, was founded in 2022 to promote the development of the private pension market in the country.

With AGI’s investment, the registered capital of the Chinese company will increase by 11.4 billion yuan.

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