Banking business in Germany reorganized

After selling Dresdner Bank, Allianz still holds firm to its time-tested integrated approach. The network of more than 10,000 Allianz agents will continue to offer clients innovative solutions for protection, provision and performance from a single source. In the future, Allianz Deutschland AG will conduct its banking business through Allianz Bank, which will be a branch of Oldenburgische Landesbank AG (OLB), a member of the Allianz Group.

Allianz is currently finalizing its plans and reaching decisions with the governing bodies of the companies involved  and with the supervisory authorities. Then from March 28 onward, agents will launch a competitive range of easy-to-understand, solid banking products under the Allianz brand. The product portfolio will be optimized to meet clients' needs and agents' requirements, and will be customized to suit the nearly 130 banking agencies that are already operating successfully. It will score with attractive terms for insurance customers. Additionally, a Web site for online banking will be available for bank clients, and will support the sales force.

OLB, as a subsidiary of Allianz Deutschland AG, will develop and provide checking accounts, cash deposits and installment credit loans for the Allianz sales force, through its "Allianz Bank" branch. In Northwest Germany, OLB will still maintain its successful business under its well-established brand, as the area's most significant regional bank.

Clients' contracts brokered to Dresdner Bank by the Allianz sales force in past years will remain in effect on their previous terms. All clients will be notified in detail in writing.

The Dresdner Bank employees who currently take care of Allianz sales will transfer to the new OLB branch. That will ensure the necessary continuity and quality in the banking and investment managers sales support.

Andree Moschner, a member of the Board of Management of Allianz Deutschland AG responsible for the banking business, is convinced: "Our innovative new business model will advance our integrated concept in an even more systematic way in the future. We are laying all the necessary groundwork for our clients to find exactly the products in our portfolio that they want from us. Whether it's savings accounts, checking accounts, credit cards, investment funds, housing finance or installment credit loans – they can get everything easily and directly from their agent. And we want to offer our insurance clients especially good terms for their banking products. For example, we're planning for credit card clients who insure their cars with Allianz to be able to get a discount on filling station purchases they make with their card."

Markus Riess, CEO of Allianz Beratungs- und Vertriebs-AG, emphasizes: "Clients will continue to get banking products from their agents, now tailored even better to their needs, and can thus get all solutions for protection, provision and performance from a single source, just as they're used to. No matter whether agents are aiming to expand their existing customer base or attract new clientele – our planned product portfolio will make sure they always have the right selling points."