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China's Anbang agrees to buy Allianz South Korean life insurance unit
[SEOUL] China's Anbang Insurance Group has signed an agreement to buy Allianz's South Korean life insurance unit for about 250 billion won (S$292.3 million), a South Korean newspaper reported on Wednesday.
Allianz and Anbang signed the sale agreement on Tuesday, with executives of Anbang, Allianz and Anbang-controlled Tongyang Life Insurance planning to visit local financial regulators on Wednesday to explain the agreement, the Korea Economic Daily reported citing unnamed sources in the insurance industry.
A spokesman for Allianz' Korean unit could not be immediately reached. Allianz had put the unit up for sale as part of a global overhaul in a tough low-interest rate environment.