Allianz Bank has opened a branch in Hungary, making its Allianz Hungaria subsidiary the first insurer and asset manager in the country to found a retail bank.
The move also represents a foray beyond the insurance and funds segment and into banking for Allianz Hungaria. In addition to the traditional life, non-life and pension services, the company now also offers banking products and services.
Indeed, the launch of the bank is part of Allianz Hungaria’s strategy to provide integrated financial services for its almost two million customers.
The company will offer basic retail banking products, including retail account packages, loans combined with insurance and funds services, diverse deposit facilities and credit cards. The portfolio will be completed by personal and mortgage loans, products for SMEs, and electronic banking services next year.
The first branch has opened in Budapest, and another five will open later this year, with an additional 25 by the end of 2008.