China's Silk Road dealmakers eye Europe's banks, insurers, asset managers

After ports and industrial parks, the dealmakers leading China's trillion-dollar push to build a modern Silk Road are turning to the financial sector, targeting Europe's banks, insurers and asset managers to tap funds and expertise.

Last week, sources familiar with the matter said two of China's most acquisitive conglomerates, HNA Group and Anbang Insurance Group, had separately considered bidding for the German insurer Allianz SE.

Neither of the two made an offer, but the talks marked a new level of ambition for China: Allianz is a German stalwart, a pillar for local pensions and a global powerhouse with 1.9 trillion euros ($2.3 trillion) of assets under management.

HNA already owns a stake of just under 10 per cent in Deutsche Bank.

Bankers, lawyers, and company executives say more financial deals will come, led by state behemoths such as China Life and China Everbright, as well as private firms, including Legend Holdings and China Minsheng Financial.
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