The Nikkei Asian Review reports that Anbang Insurance Group has agreed to buy German insurer Allianz’s South Korean businesses for more than $3 million, the Chinese company said on Wednesday, extending a push that has so far seen it spend billions of dollars on overseas assets. The purchases expand Anbang’s presence in South Korea after it bought a majority stake in Tongyang Life Insurance last year. Anbang has been one of the biggest corporate buyers from China in the last few years and this latest deal is its first move since it unexpectedly withdrew from a $14 billion bid for Starwood Hotels & Resorts Worldwide Inc last week.
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