Allianz Global Investors (AGI), an 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 approval to become the owner of newly issued shares representing a 2% stake in Guomin Pension, with a value of 228 million yuan (31.40 million dollars), the Chinese pension insurance company announced today, according to Reuters.

Guomin Pension, jointly initiated by China’s largest banks and insurance companies, was established 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 be increased by 11.4 billion yuan.

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