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Allianz applies to set up wholly-owned unit in China

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Allianz applies to set up wholly-owned unit in China

The Shanghai Financial Service Office said that Germany-based insurer Allianz S.E. has applied to set up a wholly foreign-owned insurance unit in China, China Daily reported. Allianz said that it is in talks with the Chinese authorities "to advance its growth agenda in the market." Analysts said that competition is likely to increase in the country's insurance market after the China Banking and Insurance Regulatory Commission loosened foreign ownership restrictions.

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