PressNewsBusinessBanking: Allianz sells stake in Oldenburgische Landesbank AG

Allianz sells stake in Oldenburgische Landesbank AG

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• Bremer Kreditbank AG agrees to buy stake

• Allianz Deutschland intensifies focus on core business

• Banks remain an important distribution channel

Allianz Deutschland
Munich, Jun 23, 2017

Allianz Deutschland AG has sold its entire stake in Oldenburgische Landesbank AG (OLB), amounting to around 90.2 percent of the bank. Allianz already announced a possible sale of OLB on September 27, 2016. Bremer Kreditbank AG agreed to purchase the OLB shares for 300 million euros in a contract signed on June 23, 2017. 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,” said Manfred Knof, Chief Executive Officer of Allianz Deutschland AG. “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,” said Manfred Knof.

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.

You can find further press information from Allianz Deutschland AG on the internet portal at https://www.allianzdeutschland.de/presse

These assessments are, as always, subject to the disclaimer provided below.

Cautionary note regarding forward-looking statements
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.

Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

No duty to update
The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law.

About BKB Group
The BKB Group is a Bremer-based banking group operating across Germany, with a combined balance sheet of 4 billion euros and a focus on medium-sized companies, commercial real estate financing and acquisition financing. The BKB Group also provides comprehensive advice and wealth management services for high-net worth clients and entrepreneurs. For further information please visit www.bkb-bank.com and www.neelmeyer.de

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  Forward Looking Statement disclaimer

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

  Press contact

Matthias Goldbeck
Allianz Deutschland AG
Phone +49 89 3800 18166
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Mario Ghiai
Allianz Deutschland AG
Phone +49 89 3800 12942
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Timo Scheil
Allianz Deutschland AG
Phone +49 89 3800 2320
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