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CBB licence for Allianz MENA Holding Company
- Bahrain: Wednesday, December 05 - 2007 at 14:12
- PRESS RELEASE
The Central Bank of Bahrain (CBB) has granted an authorisation to Germany's Allianz Group to establish a holding company which will oversee the group's operations throughout the Middle East and North Africa (MENA) region as well as in the Indian Subcontinent.
The licence for Allianz MENA Holding Company is the second to be granted by the CBB to the Allianz Group. Earlier this year, the group established Allianz Takaful (Bahrain), which has been launched to undertake family takaful, with a focus on Shari'a-compliant life insurance, investment-linked insurance as well as health and medical insurance. The firm will, in the coming months, expand its activities to general insurance products.
Allianz is one of the world's leading insurers and financial services providers, with activities spanning asset management and banking, besides insurance. Founded in 1890, Allianz SE is today present in about 70 countries around the world with more than 170,000 employees. The company, with total revenues of more than $149bn and a net income of more than $10bn in the fiscal year 2006, is also one of the world's largest asset managers, with third-party assets of $1.1 trillion under management at 2006 year-end.
"The CBB is delighted to support the expansion of Allianz Group operations from Bahrain," said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.
Bahrain's strategic geographic location and top-notch telecommunications and other infrastructural facilities make the Kingdom an ideal location from where to conduct business, he pointed out.
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Notes and media contacts
Central Bank of Bahrain (CBB)Contact: External Communications Unit
Tel: +973 17547370/17547360
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Posted by Anne-Birte Stensgaard, Senior News Editor
