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Allianz to set up holding company.

MANAMA: Central Bank of Bahrain (CBB) has granted an authorisation to Germany's Allianz Group to establish a holding company.

The firm will oversee the group's operations throughout the Middle East and North Africa (Mena) region as well as in the Indian subcontinent.

The Allianz MENA Holding Company will operate as an ancillary service provider in Bahrain.

This is the second licence 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 Sharia-compliant life insurance, investment-linked insurance as well as health and medical insurance.

"The CBB is delighted to support the expansion of Allianz Group operations from Bahrain," CBB licensing and policy director Ahmed Abdul Aziz Al Bassam said.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:May 1, 2008
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