after the business has consistently failed to live up to expectations since it was set up in 2009.
Allianz said in a statement that it will pull the plug on Allianz Bank at the end of June, with the loss of 450 jobs. Allianz Bank was set up in 2009 as a branch of Allianz’s Oldenburgische Landesbank (OLB) unit with the aim of expanding the group’s banking services.
“However, our growth expectations have not been met. Allianz Bank has not moved out of the red,” the statement said.
“Our hopes for profitable growth in the fiercely competitive private customer business have not been fulfilled. And given the difficult market environment, a lasting turnaround is not in sight,” said the board member responsible for the banking business, Andree Moschner.
“Allianz Bank will therefore cease operations on June 30.”
Nevertheless, OLB would continue to operate in the northwest of Germany, where it was the region’s biggest private bank, Moschner added.
Frankfurt, Jan 24, 2013 (AFP)