EnglishAllianz SE, Europe"s leading insurer, will open a bank in Poland in October, according to TU Allianz Polska CEO Pawel Dangel quoted by Rzeczpospolita. Allianz has approximately 2 million insurance customers in Poland. The bank is scheduled to open 40 branches by the end of the year and will specialize in mortgage loans, consumer loans, deposits and cards, Dangel added. At the end of Q2, Allianz reported a 29% decrease in profit as a result of the losses of their banking arm, Dresdner Bank. The net profit decreased to 1.5 billion EUR (2.3 billion USD) from 2.1 billion EUR in Q2:2007. Analysts had expected 1.26 billion EUR. Sales decreased 9.5% to 22 billion EUR from 23.5 billion EUR, which was the analysts" estimate. Allianz is currently negotiating the sale of Dresdner Bank, which reported operating losses of 566 million EUR in Q2.
Allianz To Open Bank In Poland
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Ziarul BURSA #English Section / 19 august 2008
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