Germany-based insurer Allianz has decided to close its banking unit in the country, effective from 30 June 2013, due to difficult market environment and unsuccessful financial business.
Allianz Deutschland and Oldenburgische Landesbank (OLB) management have approved the decision to close the bank; subsequently business activities for employees and agents will be managed by OLB.
Under the proposed closure, around 45 bank branches within Allianz agencies will be shut down with a loss of approximately 450 jobs.
The agencies will not carry out any banking activity including operation of bank accounts, cards, loans and deposits; however they will continue to offer insurance, provision and asset management, including the investment funds offered by Allianz Global Investors.
Established as a branch of OLB in 2009, the bank has been providing various banking services to its customers.
OLB will continue its successful business operations as a largest private regional bank in the north-west of Germany.
Having over 142,000 employees across the globe, the Allianz Group serves nearly 78 million customers in more than 70 countries.