German insurer Allianz has agreed to dispose its entire 90.2% stake in local lender Oldenburgische Landesbank (OLB) to Bremer Kreditbank in a deal worth €300m.
OLB is the country’s largest regional bank in terms of total assets, workforce and branches. Allianz has owned the stake in the German lender since 2001.
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The transaction is pending nod by relevant supervisory authorities.
Allianz Deutschland CEO Manfred Knof called the sale a “logical step” and said that it will strengthen its focus on its core insurance and investment management operations.
“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,” Knof noted.
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