FRANKFURT Feb 21 Allianz has yet to
take any decision on the conversion of a debt-equity hybrid in
Germany's No. 2 lender, Commerzbank, into pure-play
equity, the insurer's chief executive said on Thursday.
"The bank must come to us," Michael Diekmann said in
response to a question at a news conference, giving no
indication when that might happen.
Allianz holds a "silent particpation" worth 750 million
euros ($1.00 billion) in Commerzbank which it took in the wake
of Commerzbank's takeover of Dresdner Bank from Allianz in 2008.
($1 = 0.7479 euros)
(Reporting by Jonathan Gould)