Allianz to take over DWS after bank merger

COLOGNE - Allianz has announced details of the effects of the banking merger of Deutsche Bank and Dresdner Bank on Germany's largest insurer. The company will take over the majority of asset manager DWS, the largest mutual funds company in Germany, and of Deutscher Herold insurance group. In addition, it will become a 49% shareholder in Deutsche Bank 24, which will later be renamed Bank 24. Bank 24 will bundle the High Street banking business of Deutsche Bank and Dresdner. In three years, the newly-merged Deutsche Bank, which will initially own 51% of Bank 24, will sell its stake in an IPO. Allianz will remain the largest shareholder, but will not hold the majority. Meanwhile, Munich Re has said that it is prepared to take over the 17.4% stake Allianz owns in Hypovereinsbank. Munich Re has 6.5%.