Allianz, Europe’s biggest insurer by market capitalisation, is set to close its German retail banking arm by June 30, 2013, due to its failure to meet growth expectations.

A statement released by Allianz said 45 bank branches within Allianz agencies in Germany will be closed with the loss of 450 jobs.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Allianz Bank was set up in 2009 as a branch of Oldenburgische Landesbank (OLB), which is part of the Allianz Group.

Andree Moschner, board member of Allianz Germany AG, said: "Our expectations to grow with our business model in the highly competitive retail field have not been met and we do not see signs of improvement due to the difficult market environment."

The insurer said OLB would continue operating and that it expected to break even in its German banking business in 2014 as a result of the restructuring.

 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Related stories:

Commerzbank set to axe up to 6,000 jobs

AmEx to slash 5,400 jobs in 2013

Clydesdale and Yorkshire banks to cut 1,400 UK jobs by 2015