Allianz Bank

Type
Closure
Country
Germany
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64.1 - Monetary intermediation
64.1 - Monetary intermediation
450 jobs
Number of planned job losses
Job loss
Announcement Date
25 January 2013
Employment effect (start)
Foreseen end date
30 June 2013

Description

German insurer Allianz will close its small 'Allianz bank' by June 30th, 2013. The closure will affect 450 employees.

The retail bank was established in 2009 for reaching out to private customers. It has failed to meet the targets set for 2012.

Sources

  • 25 January 2013: Handelsblatt
  • 24 January 2013: Reuters

Citation

Eurofound (2013), Allianz Bank, Closure in Germany, factsheet number 74883, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74883.