Shearman & Sterling advised Allianz on the sale of its majority stake of approximately 90 percent in German listed Oldenburgische Landesbank ("OLB") to Bremer Kreditbank. The remaining shares are held by private investors and employees, to whom BKB will make a voluntary takeover offer. Closing of the transaction is subject to regulatory clearance.
Allianz Deutschland is selling its shares in OLB, acquired in 2001, to further focus on its core business of insurance and investment management. The cooperation between Allianz Deutschland and OLB on the distribution of insurance products will continue.
OLB is one of the largest private regional banks in Germany by total assets, number of employees and branch network and its operational area covers the Weser-Ems region in northern Germany.