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Article: Is Financial Services De-Conglomeration In Store?(Brief Article)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- May 7, 2001
- Author:
CopyrightCOPYRIGHT 2001 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Just recently, there have been major announcements about the establishment of giant global financial services firms.
German insurer Allianz announced that it was seeking to acquire Dresdner Bank, one of Germany's largest banks. As part of this merger, Munich Re would swap its stake in Dresdner for Allianz holdings in German banking giant HypoVereinsbank, thus creating a second large global financial services giant.
Separately, AXA Group announced that it was interested in expanding its distribution agreement with Deutsche Bank. Given the global reach of these firms, the net impact of these changes would create three global bancassurance firms, rivaling ...