Allianz begins preparations to open its own bank by 2008

The launch itself is probably several months away and could take place even as late as at the turn of 2008. The profiles of the job ads suggest the bank's main business will be in mortgage loans although it will also offer credit cards, consumer loans, deposits and mutual funds. As a retail bank, it will need a branch network, and Allianz will reportedly target major cities as a first step. But it will also enter into partnership deals with real estate agents, developers and financial advisory firms to offer its products. Allianz launched a similar bank in Hungary last year. Dresdner Bank, a member of the Allianz group, is already present in Poland, but it specializes in investment and corporate banking. (Parkiet, p. 9) R.M.