Allianz eyes pension, banking biz in India
German insurer Allianz is now looking to enter the pension, banking and asset management business.
By PTI |
New Delhi: Encouraged by its impressive growth in the Indian insurance market, leading German insurer and financial services provider Allianz is now looking to enter the pension, banking and asset management business in the country.
"In the mid and long term we are looking at the pension market, asset management and banking," Allianz Group's holding company Allianz SE board member Werner Zedelius said, while announcing a new joint venture with Bajaj Auto for distributing financial products.
In case of pension, we are awaiting regulatory details and for the other two areas we are taking a close look at the market and communicating with the regulators, Zedelius said, adding that this was an on-going process.
Allianz is already present in the Indian insurance market (both life and general insurance) through its joint venture partner Bajaj Auto.
Commenting on plans for entering into asset management, Bajaj Auto Chairman Rahul Bajaj said, both partners were looking at it, but whether they would venture into this business together or individually was still undecided.
"They (Allianz) would prefer to come with majority foreign equity...we have to decide if we are willing to come with minority equity. We will take a decision in a few months," Bajaj said.
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