Magazine date:
Oct 2008 Seven years after its acquisition for 24 billion EUR (33 billion USD), the Munich insurer has ceded its banking subsidiary to the German Commerzbank for 9.8 billion EUR (13 million USD). For Allianz, this move should bring an end to its risky strategy which cost the company roughly 742 million EUR (1 billion USD) of annual losses. Collaboration between both partners shall, nonetheless, continue, especially as regards the marketing of Allianz products by the new banking group's distribution network. Dresdner bank's takeover by Commerzbank will be carried out over two stages. The move shall be fully finalized in 2009.