February 21, 2013 / 11:32 AM / 5 years ago

Allianz no decision on Commerzbank silent participation conversion

FRANKFURT, Feb 21 (Reuters) - 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)

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