Allianz aims to sell 49% stake in fund manager JV to Guotai (updated)

Guotai Haitong Securities Co

13/10/2023 12:56

(Updates with details from paragraph 2)
       FRANKFURT, Oct 13 (Reuters) - German insurer Allianz
 ALVG.DE  said on Friday it has entered into definite agreements
to sell its 49% stake in CPIC Fund Management Co. to Chinese
investment bank Guotai Junan Securities  601211.SS .
    The transaction will unwind a tie-up dating back to 2003,
when Allianz entered into the joint venture that was the first
Sino-foreign fund management in the nation.
        Now, China has opened its asset management market to
greater ownership by foreigners, and Allianz said the sale was
in line with its strategy "to focus on its fully owned asset
management activities in China".
  
    The transaction is subject to the approval of CSRC and other
relevant authorities, Allianz said.
    Guotai was the original partner of Allianz in founding the
joint venture 20 years ago, but Guotai then sold its 51% stake
in 2017 to China Pacific Insurance for 1.045 billion yuan 
($143.03 million).

($1 = 7.3063 Chinese yuan renminbi)

 (Reporting by Ozan Ergenay and Tom Sims, Editing by Rachel
More)
 ((Ozan.Ergenay@thomsonreuters.com;))