Allianz: No plans to sell more ICBC shares come October
Updated: 2009-06-10 07:28
(HK Edition)
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Allianz SE, Europe's biggest insurer by market value, said it has no plans to sell more shares in Industrial & Commercial Bank of China Ltd (ICBC), the world's largest lender by market value, when a lockup ends in October.
"We don't have any plans in this regard," Werner Zedelius, a management board member at the Munich-based company, said when asked about plans to sell more ICBC shares.
Allianz in April sold 3.216 billion Hong Kong-listed shares, or half its stake, in ICBC. After the April sale, Allianz held 0.97 percent of ICBC's total outstanding shares, and 3.87 percent of ICBC's Hong Kong-listed, or H shares, the insurer said in a statement on April 28.
The insurer indicated its previous stake withdrawal in the mainland bank was purely for commercial purposes rather than a negative outlook on the country's banking industry.
"After holding the ICBC stake for some years, selling half of it was a thing we thought at that time a commercially viable decision," Zedelius said. "It has nothing to do with any bad expectations of the Chinese banking market, and ICBC especially."
Allianz doesn't rule out acquisitions in developing countries and expects growth in China to continue.
"We are not excluding acquisitions in developing countries, but it is not high on our list of priorities," Zedelius said. "The focus is on internal growth."
Allianz aims to almost double the number of agents in Taiwan from 1,680 to 3,000 in 2010, said Chris James, chief executive of Allianz Taiwan Life Insurance Co.
Allianz plans to strengthen its distribution channels and focus on introducing more regular premium products and protection products in global markets, Zedelius said. Allianz ended a seven-year foray into full-scale banking in January when it sold Dresdner Bank to Commerzbank AG for 5.1 billion euros ($7.1 billion).
"We are positive and remain committed to our business in Asia and we see considerable growth coming over the next three years," Zedelius said.
Allianz's Taiwan life insurance unit ranked eighth in the domestic market and has 4.4 percent market share. Total premiums in the first four months reached NT$19.8 billion ($602 million).
Still, Allianz won't consider buying American International Group Inc's Taiwan unit, or invest in the island's real estate market, Zedelius said. AIG is looking for buyers for Nan Shan Life Insurance Co, a Hong Kong local newspaper reported yesterday.
China Daily - Agencies
(HK Edition 06/10/2009 page4)