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Allianz to sell South Korean units to Anbang Insurance for US$3M

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Allianz to sell South Korean units to Anbang Insurance for US$3M

said April 6 thatit agreed to sell its South Korean insurance and asset management businesses toChina's Anbang Insurance GroupCo., confirming a prior report.

Earlier the same day, South Korea's The Chosun Ilbo reported on the deal, citing investment banking industrysources.

The Germaninsurer will sell Allianz LifeInsurance Co. Ltd. and Allianz Global Investors Korea to AnbangInsurance for more than US$3 million, Reuters reported the same day, citing theChinese firm.

The deal issubject to regulatory approvals.

Arepresentative for Allianz said the group expects to take a charge after thedeal closes, Reuters reported.