The FINANCIAL -- Allianz Bank will cease operations on June 30, 2013. This decision has been taken by the management of Allianz Deutschland and OLB.

Allianz Bank was set up in 2009 as a branch of Oldenburgische Landesbank AG (OLB), which is part of the Allianz Group. This allowed Allianz customers to use their familiar Allianz agency for banking business as well. Unfortunately, this service did not prove to be financially successful in the long run. This is due, among other factors, to the sustained difficult market environment, with no signs of a turnaround on the horizon. As a result, the decision has been made to cease business operations under the Allianz Bank brand with effect from June 30, 2013.

The termination of business activities will result in the loss of around 450 jobs at the bank nationwide and the 45 bank branches within Allianz agencies will be closed.

The Allianz agencies will continue to provide their customers with comprehensive support in the fields of insurance, provision and asset management, including the investment funds offered by Allianz Global Investors. As Allianz said, the agencies will no longer be performing any activities relating to bank accounts, cards, loans and deposits.

In the north-west of Germany, OLB will continue its successful business as the largest private regional bank, and one that has a long tradition behind it.

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