Allianz company, HK bank branch get regulatory green light

The China Banking and Insurance Regulatory Commission announced on Sunday it has ramped up efforts to open up the Chinese financial sector by giving the green light to two more financial institutions recently regarding market access.

The regulator granted approval to the Munich-headquartered Allianz SE regarding its application to commence operational preparations for Allianz (China) Insurance Holding Company Limited, the first foreign-funded insurance holding company in China.

It also allowed Chiyu Banking Corporation Ltd, a licensed bank in Hong Kong, to start operational preparations for a branch in Shenzhen, Guangdong province.

The recent regulatory approvals followed a series of similar efforts since the beginning of this year, including preparatory approvals given to Fubon Bank (China) Co Ltd for its application for the establishment of a branch in Chongqing, to ICBC-AXA Life Assurance Co Ltd for the establishment of an asset management company, and to Korean Reinsurance Co Ltd for the establishment of a branch company.

The CBIRC will further open up China's financial sector in a steady manner while making continuous efforts to raise the level of risk prevention and control and to improve regulatory capabilities, said the banking and insurance regulator in an announcement posted on its website on Sunday.