Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Allianz Shuts Down German Banking Unit With Loss of 450 Jobs

Jan. 24 (Bloomberg) -- Allianz SE, 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.