This story is from March 13, 2007

Allianz plans to enter India's retail banking

PTI / Mar 13, 2007, 00:14 IST

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German insurance giant Allianz is planning a retail banking foray in India and is in talks with concerned authorities.

Allianz plans to enter India's retail banking

LONDON: German insurance giant Allianz is planning a retail banking foray in India and is in talks with concerned authorities, German media reports said.
"We are examining the market in banking and asset management and are in talks with the authorities," Werner Zedelius, Allianz's growth markets operations head, was quoted as saying in German business daily 'Handelsblatt' on Monday.
Allianz is already present in Indian insurance market through its joint venture with Bajaj Auto.
The report also cited unnamed sources close to Allianz's India partners as saying that its banking unit Dresdner Bank has already applied for banking licences in the country.

However, Zedelius, a member of board of management at the German parent company, declined to comment on licences. Allianz would follow a host of banking multinationals like Deutsche Bank, Citigroup and Standard Chartered Bank into India.
"We are looking very intensively at whether we should enter India in the retail banking market," Zedelius said. "Looking at the growth patterns of the Indian economy and prospects for banking here, we see this as a very attractive opportunity," he added.

Zedelius said Allianz sees India as its most important market among other emerging countries like China and Russia.
The paper quoted another unnamed company executive as saying investment costs to set up retail banking operations in India would be lower for Allianz when compared to its rivals as it already has other financial operations in India.
Last week, Allianz signed its third JV with Bajaj Auto to sell financial products like mutual funds, credit cards and home loans.

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