Allianz SE's (AZ) German banking business will start with about 350,000 customers Tuesday, the insurer said Wednesday.

The 350,000 customers, which account for a business volume of around EUR3.1 billion, are former Dresdner Bank customers who agreed to transfer to Allianz's banking operations, it said. Allianz sold Dresdner Bank to Commerzbank AG (CBK.XE) in January. Dresdner had about 6.3 million customers at the end of 2008, according to the bank's annual report.

In March, Allianz said the start of the new German banking operations would be delayed until June 2 from the previously scheduled starting date of end-March, as the transfer of the former Dresdner Bank customers took four weeks longer than anticipated.

After the sale of Dresdner Bank, Allianz's remaining German banking business will operate as Allianz Bank, under the roof of majority-owned Oldenburgische Landesbank AG (OLB.XE), the insurer has said.

Company Web sites: www.allianz.de; www.allianz-bank.de

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com