Breaking News

U.S. Said to Limit Visitors From Ebola Nations to Five Airports
Tweet TWEET

Allianz Shuts Down German Banking Unit With Loss of 450 Jobs

Allianz SE (ALV), Europe’s biggest insurer, will close down its German unit Allianz Bank by the end of June, laying off 450 people across the country.

“Our expectations to grow with our business model in the highly competitive retail market were not fulfilled,” Andree Moschner, board member of Allianz Deutschland AG, said in an e- mailed statement today. “We do not see a sustainable turn for the better because of the persistent difficult market environment.”

Oldenburger Landesbank, which runs Allianz Bank, will remain open, Moschner said.

“The OLB will continue its successful business in the northwest of Germany as the biggest private regional bank,” he said.

To contact the reporter on this story: Annette Weisbach in Frankfurt at aweisbach1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.