German Insurer Allianz Deutschland AG has sold its entire stake, amounting to 90.2%, in private bank Oldenburgische Landesbank AG (OLB) to German-based Bremer Kreditbank AG for EUR300m ($338m).
A contract where Bremer Kreditbank agreed to purchase the OLB shares, owned by Allianz since 2001, was signed on 23 June.
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Manfred Knof, Allianz’s chief executive officer, said: “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.
“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.”
The transaction is subject to approval by the relevant supervisory authorities.
Reuters later reported that Allianz expects a loss of approximately EUR200m ($224m) from the sale.
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