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Allianz Deutschland Sells Private Bank Stake For €300 Million
The financial group has sold its stake in the German private bank.
Allianz
Deutschland has sold its entire stake in private banking firm
Oldenburgische Landesbank, amounting to around 90.2 per cent of
the bank. The stake was sold to Bremer Kreditbank for €300
million ($335.5 million).
The German financial conglomerate already announced a possible
sale of OLB on September 27 last year.
The transaction is subject to approval by the relevant
supervisory authorities.
“As part of the renewal agenda, Allianz Deutschland is increasing
its focus on its core business of insurance and investment
management, making the sale of OLB a logical step,” Manfred Knof,
chief executive officer of Allianz Deutschland AG, said.
“However, banks remain an important distribution channel for us
as an insurer. That’s why Allianz Deutschland will continue to
cooperate with OLB to distribute insurance,” he added.
OLB is Germany’s largest regional bank measured by total assets,
number of employees and branch network. Its operational area
covers the Weser-Ems region in northern Germany. Allianz has
owned the shares in OLB since 2001. OLB provides services
including private banking and wealth management.
