The measures are aimed at producing a further improvement in client service in Germany so as to lay the foundation for further profitable growth.
In the case of both companies, the changes being announced will mean personnel cuts. The headcounts will be reduced by around 5,000 at ADAG and 2,480 at Dresdner Bank. Allianz Deutschland AG (ADAG) plans in future to operate from ten locations. The new business model will be implemented by 2008. The impact of the restructuring measures have already been included in the planned figures for 2006 to 2008.
Restructuring details at Allianz Deutschland AG and Dresdner Bank
Dresdner Bank AG and Allianz Deutschland AG (ADAG), two companies within the Allianz Group, today announce the details of a corporate restructuring and a modernization of their business processes.
Michael Diekmann
In line with 3+One
These measures are in line with Allianz's aims set out in the 3+One Program: the companies will simplify their structures substantially and so also reduce costs.
"We will be positioning ourselves in banking and insurance business in such a way that we can offer our clients an expert and excellent service that also provides good value", said Michael Diekmann, CEO of Allianz Group.
"What we are initiating now will lay the foundation for our companies' future profitable growth in Germany. Today, we are able to do this from a position of strength. Anyone who puts off essential decisions until some distant point in time will find themselves coming under far greater pressure in the future and will then be forced to take far more drastic steps. Plenty examples of this exist", Diekmann said.
"We will be positioning ourselves in banking and insurance business in such a way that we can offer our clients an expert and excellent service that also provides good value", said Michael Diekmann, CEO of Allianz Group.
"What we are initiating now will lay the foundation for our companies' future profitable growth in Germany. Today, we are able to do this from a position of strength. Anyone who puts off essential decisions until some distant point in time will find themselves coming under far greater pressure in the future and will then be forced to take far more drastic steps. Plenty examples of this exist", Diekmann said.
Commitment to Germany
"My colleagues on the board and I - and especially my colleagues at ADAG and the bank - have by no means taken these decisions lightly. In the last few months we have spent time analyzing our current position and determining our future staff needs with very great care. Our aim is to instil a business model in our companies that will give them an enduringly successful position in the market place", Diekmann explained.
"We are committed to Germany as a place to conduct business and to our responsibility as a company", Diekmann said finally. "We are committed to acting and conducting our business in a sustainable manner, to promoting engagement in society that goes beyond business purposes and to ensuring transparency and efficiency in management. Although we are converting the corporate form of Allianz to that of an SE (Societas Europaea), we will be maintaining both the two-tier system of a management board and a supervisory board and the system of Co-Determination on a parity basis."
"We are committed to Germany as a place to conduct business and to our responsibility as a company", Diekmann said finally. "We are committed to acting and conducting our business in a sustainable manner, to promoting engagement in society that goes beyond business purposes and to ensuring transparency and efficiency in management. Although we are converting the corporate form of Allianz to that of an SE (Societas Europaea), we will be maintaining both the two-tier system of a management board and a supervisory board and the system of Co-Determination on a parity basis."
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