German bancassurance outfit Allianz plans to re-integrate Dresdner Bank's direct banking operation Advance Bank and financial planning business Advance Finanzplanungs into its mainstream business channels.
Munich-based Advance Bank was launched in 1996 as a wholly-owned subsidiary of Dresdner. Allianz is forecasting savings of EUR500 million as a result of the integration programme, which will take place this year.
Allianz is expected to keep on customer facing sales staff as it repositions the business to target upscale and high net worth clients looking for one-stop financial information and advice. Cuts are likely to fall among marketing and administrative staff.
The move follows Deutsche Bank's decision last year to absorb its stand-alone direct banking unit Deutsche 24 into the mainstream bank.