German insurer Allianz SE (ALV.XE) is aiming for an initial public offering in Shanghai, as soon as the trading center opens itself to foreign issuers and eases its strict control on capital movements, German daily Handelsblatt reported Wednesday, citing Allianz Chief Executive Michael Diekmann.

"If the (necessary) conditions are fulfilled, we're very interested in a listing," he is quoted as saying by the newspaper at a conference in Shanghai.

The prerequisite isn't only that Shanghai opens itself to foreign issuers, as it has announced, but that the generated proceeds can be used outside of China, Diekman told the newspaper.

The German company would use the proceeds to finance the expansion of its insurance business in China and other countries, the report adds.

Newspaper website: www.handelsblatt.com

-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.