Allianz Shuts Down German Banking Unit With Loss of 450 Jobs

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.