(Yicai Global) Jan. 29 -- German insurance giant Allianz Group has been given the green light to form the Asian country's first insurance asset management firm fully owned by a foreign player.

Allianz China Insurance Holdings, which became China’s first insurance holding company that is wholly owned by an overseas investor about a year ago, recently received the permit from the China Banking and Insurance Regulatory Commission to establish Allianz Insurance Asset Management, it announced yesterday.

Allianz is one of the companies that is seizing the opportunity after Chinese regulators started taking decisive steps to open up the financial sector in 2018 to gradually expand market access for overseas investors.

AIAM, set up in Beijing, will have CNY100 million (USD15.5 million) in registered capital, according to the CBIRC. ACIH's deputy general manager Chen Liang is expected to be appointed its chairman and Generali China Asset Management's GM Zhen Qingzhe its GM.

The new firm relies on the German insurer's global investing advantages and about 100 years of experience in financial risk management while building a local asset management team, according to ACIH's statement.

Munich-headquartered Allianz may have another expansion move in mind. Its Chinese partner in Allianz China Life Insurance is looking to sell its 49 percent stake in the life insurance joint venture between Citic Trust and ACIH, Yicai Global learned. The foreign partner has a pre-emption right to snatch the stake before others.

After ACIH was established in late 2019, it has built offices in nine Chinese cities or provinces. It provides services such as life insurance, property insurance, and health insurance.

Editor: Tang Shihua, Emmi Laine