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China's Anbang obtains approval to acquire Allianz's South Korean unit

China's Anbang Life Insurance Co. Ltd. unit Anbang Group Holdings received approval from South Korea's Financial Services Commission to acquire Allianz Group's life insurance unit in South Korea.

Upon the deal's closing, Anbang Group Holdings will become the largest shareholder of Allianz Life Insurance Co. Ltd. As part of the deal, announced in April, Anbang Group Holdings agreed to buy the life insurer for US$3 million.

The FSC also approved Anbang Group Holdings to become an institutional shareholder of TONGYANG Life Insurance Co. Ltd. by purchasing new shares in the company. TONGYANG Life is a unit of Anbang Life Insurance.

Anbang Life Insurance is a unit of Anbang Insurance Group Co. Ltd.