FRANKFURT: German insurer Allianz is mulling an entry into India’s banking and asset-management market to tap expected growth, Allianz’s board member responsible for growth markets told the Handelsblatt.
“We are examining the market in banking and asset management and are in talks with the authorities,” Werner Zedelius told the German business daily in remarks published on Monday.
He declined to comment on reports that Allianz’s banking arm, Dresdner Bank, had already applied for licences, Handelsblatt said.
Zedelius said such a move could be a precursor to expansion in other parts of Asia. “Further steps in this direction are not to be ruled out,” he said.
The head of Dresdner Bank told journalists in September the bank might set up a retail banking business in China and India, which are both core markets for Allianz.