Allianz and Bank of China sign MoU to boost comprehensive cooperation

German multinational financial services company Allianz and Bank of China signed a memorandum of understanding (MoU) during German Chancellor Angela Merkel's recent visit to Beijing. Allianz said that the MoU is aimed at boosting comprehensive cooperation and the final agreement is expected to be ready by early 2020.

Headquartered in Munich, Allianz is one of the largest insurance company with operations spread across more than a dozen countries. The company is a component of the Euro Stoxx 50 stock market index. The company is a component of the Euro Stoxx 50 stock market index.

Merkel was on a two-day trip to China during which she said that Germany is open for Chinese investment and she welcomes all Chinese companies to invest in the country as she emphasized on starting a new phase in the European Union's relations with China.