Allianz Deutschland and Oldenburgische Landesbank (OLB) management have approved the decision to close the bank; subsequently business activities for employees and agents will be managed by OLB.
Under the proposed closure, around 45 bank branches within Allianz agencies will be shut down with a loss of approximately 450 jobs.
The agencies will not carry out any banking activity including operation of bank accounts, cards, loans and deposits; however they will continue to offer insurance, provision and asset management, including the investment funds offered by Allianz Global Investors.
Established as a branch of OLB in 2009, the bank has been providing various banking services to its customers.
OLB will continue its successful business operations as a largest private regional bank in the north-west of Germany.
Having over 142,000 employees across the globe, the Allianz Group serves nearly 78 million customers in more than 70 countries.
