Allianz to reduce number of German branches by 30%

Allianz S.E. has said that it will reduce its number of branches in Germany to 60 from 88 amid low interest rates, reports Bloomberg.

The insurer said that the closings will be completed by January 2016. This shrinking of Allianz's branch network would affect 1% of its employees in the country. The move is expected to save the insurer around €400 million ($451 million) annually, said Allianz, adding that the savings would be used to increase digitalization of its services.

Read more