Aeon Financial Service Co. has announced a plan to enter the life insurance business by acquiring a Japanese unit of German insurer Allianz SE.

The financial service firm associated with major retailer Aeon Co. said Tuesday it would buy 32,400 new shares to be issued by Allianz Life Insurance Japan Ltd. under a third-party allotment scheme for ¥3.6 billion, gaining 60 percent of the voting rights in the Tokyo-based insurer.

The acquisition procedures are slated to be completed on March 31.

Aeon Financial, which now offers banking and other services, hopes to expand its services through the acquisition.

In February 2012, Allianz Life stopped selling insurance products due to poor business performance. It currently has some 20,000 contracts in force.

The Aeon group runs an insurance agency business, but does not own a life insurance arm.

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