Allianz eyes bigger India play with banking foray

Allianz eyes bigger India play with banking foray
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First Published: Mon, Mar 26 2007. 03 41 PM IST
Updated: Mon, Mar 26 2007. 03 41 PM IST
PTI
New Delhi: German insurance giant Allianz is planning to widen base in India with foray in banking business through its unit Dresdner Bank, besides expanding its existing non-banking financial services.
Allianz, which currently offers life and general insurance services through its joint ventures with Bajaj Auto, is believed to have approached regulatory authorities for necessary approval to launch banking business in the country.
The company is upbeat on starting retail banking business here after signing its third joint venture with Bajaj Group earlier this month to sell financial products like mutual funds, credit cards and home loans.
When contacted, an Asia Pacific spokesperson for Allianz told PTI from Singapore the company was optimistic about India’s economic development and given its economic outlook, it was natural for them to take a closer look at asset management and banking businesses as well.
“Customers expect their advisors to offer full range of financial products and Allianz — being one of the biggest financial service providers worldwide, offering insurance, asset management, and banking products in many countries across the globe — is qualified as virtually no other company to provide this range,” the official said.
Allianz, which posted revenues of over 101 billion euros (Rs4,38,390 crore) and net income of over 7 billion euros in 2006, is currently in talks with various institutions and authorities as part of its plans to enter banking business in India, he added.
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First Published: Mon, Mar 26 2007. 03 41 PM IST
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