Allianz, Europe’s biggest insurer by market capitalisation, is set to close its German retail banking arm by June 30, 2013, due to its failure to meet growth expectations.

A statement released by Allianz said 45 bank branches within Allianz agencies in Germany will be closed with the loss of 450 jobs.

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Allianz Bank was set up in 2009 as a branch of Oldenburgische Landesbank (OLB), which is part of the Allianz Group.

Andree Moschner, board member of Allianz Germany AG, said: "Our expectations to grow with our business model in the highly competitive retail field have not been met and we do not see signs of improvement due to the difficult market environment."

The insurer said OLB would continue operating and that it expected to break even in its German banking business in 2014 as a result of the restructuring.

 

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