[THE INVESTOR] Anbang Insurance Group’s plan to buy German insurer Allianz’s South Korean businesses is suffering a setback as China’s regulator put the brakes on aggressive overseas investment activities of one of the biggest corporate buyers in China.
Beijing-based Anbang Insurance hasn’t sought an eligibility review from Korean financial authorities to become the largest shareholder of Allianz Life Insurance Korea since it signed the acquisition deal four month ago.
Speculations are rampant that the deal could be thwarted since the China Insurance Regulatory Commission stepped up scrutiny on Angbang from May this year.
In April, Anbang agreed to buy Allianz Life Insurance Korea and asset management firm Allianz Global Investors Korea for US$3 million.
See also :
Chinese firms in fray to acquire ING LifeTo make the situation worse, an escalation of diplomatic tension between South Korea and China over the former’s decision to deploy THAAD system could put further pressure on the Chinese insurer to give up the acquisition.
“Along with the internal problems that Anbang faces, political issues regarding the THAAD deployment cannot be ignored,” an official at a major financial firm said.
By Park Han-na (
hnpark@heraldcorp.com)
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