Allianz takes a step forward to opening its bank

Allianz, one of the leading domestic insurance companies, submitted an application for a bank license with the Banking Supervisory Commission (KNB). "We hope to obtain it by the end of the year," said an anonymous person involved in the project. If KNB issues a license, the bank would become operative within six months that is in Q2 2008. "We have almost concluded the the recruitment of about 50 managers and directors," said the source. According to Puls Biznesu, the bank will be run by Paweł Miller who is currently the CEO of Allianz Biznes, but the company's spokesman was unable to comment on the issue nor for what purpose this entity was established. "A natural group of clients is a substantial share of over 1.4 million clients using the insurance services of Allianz. [...] An attack on the consumer finance market is also possible," said the source. This will mean it will directly compete with GE Money Bank, Getin Bank, Santander, Lukas Bank and Dominet. (Puls Biznesu, pp. 1, 14-15) M.M.