The financial group has sold its stake in the German private bank.
Allianz Deutschland has sold its entire stake in private banking firm Oldenburgische Landesbank, amounting to around 90.2 per cent of the bank. The stake was sold to Bremer Kreditbank for €300 million ($335.5 million).
The German financial conglomerate already announced a possible sale of OLB on September 27 last year.
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,” Manfred Knof, chief executive officer of Allianz Deutschland AG, said. “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,” he added.
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. OLB provides services including private banking and wealth management.