Allianz SE has received regulatory approval from the Philippine Insurance Commission to acquire the life insurance unit of the Philippine National Bank's (PNB). The acquisition will be completed by mid-2018, according to a statement released on Monday by Allianz in Manila.
Allianz SE has received regulatory approval from the Philippine Insurance Commission to acquire the life insurance unit of the Philippine National Bank's (PNB). The commission commented on the acquisition, saying "The acquisition was a result of the joint venture agreement between Allianz and PNB which, according to Allianz, will operate under the name Allianz PNB Life Insurance".