European financial institution Allianz has announced that the last step of its merger with Italian subsidiary RAS has been completed with the listing of the Allianz share on the Italian stock exchange.
The completion of the merger was smoothed by Allianz’s recent conversion into an official Societas Europaea (SE). Allianz is the first company on the DJ Euro Stoxx 50 Index to take the step of converting itself into a Societas Europaea.
In the first instance, the decision to convert to SE status was the most efficient tool for delivering the most efficient merger with our Italian subsidiary RAS, says Michael Diekmann, CEO of Allianz. By fully integrating RAS into Allianz, we simplify our operating structures in Europe, and this in turn means that we are better positioned to capture the long-term business opportunities in Europe.
The Allianz Group operates in 29 European countries in the areas of insurance, banking and asset management. Altogether, it has more than 45 million clients in Europe and almost 75% of Allianz total revenues are generated in the region.