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Allianz eyes retail banking sector

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Allianz AG, German financial services behemoth, has planned to enter the Indian banking sector. The company has applied for banking license for retail and corporate sector, to the Reserve Bank of India.

It has successfully set two insurance companies with Bajaj Auto. Sources have said that Dresdner Bank, which had earlier operated in India, and was acquired by Allianz in 2001, could make its case stronger for acquiring the banking license. Allianz AG has a revenue base of over ₤100 billion globally.

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