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11/30/2018, 9:43 AM (Source: TeleTrader)
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Allianz+4.19%

193.50
Chart for: ALLIANZ SE NA O.N.

Allianz CEO promises corporate structure changes

Allianz SE chief executive officer Oliver Bate stated on Friday that the company will undergo major restructuring with an aim to simplify the governing structure in the next few years, the Financial Times reported on Friday. Bate promised to deliver a more productive, digitalized system, aiming to boost the bank's efficiency.

Today, Allianz marks its capital markets day where the company's head is expected to reveal the new strategy, called "Simplicity wins." Along with the new structure plan, Allianz released new financial targets, which are higher than the previously declared goals. The banking giant's chief executive vowed to rise annual earnings per share by over 5% for the period between 2019 and 2021.

Allianz shares traded 1.14% lower at 9:43 am CET.

Breaking the News / SS