Allianz German Bkg Business To Start With 350,000 Clients Tuesday
May 27 2009 - 7:43AM
Dow Jones News
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