Press Release: Mergers: Commission approves joint-venture between Allianz SE and VW Financial Services AG

The European Commission has cleared under the EU Merger Regulation the proposed creation of a joint-venture between Allianz SE and VW Financial Services AG. Allianz SE (Germany) is an international insurance and financial services provider. VW Financial Services AG (Germany) is a subsidiary of Volkswagen AG, and offers financial products, such as insurances. The Commission concluded that the proposed transaction would not raise competition concerns, in particular because a number of strong competitors will remain active on the market.

The joint venture will develop, position and market insurance products, such as car damage insurance, third party liability insurance, guaranteed asset protection, warranty insurance for used cars sold on by Volkswagen car dealerships, private passenger motor vehicle insurances and driver insurances. The JV will possess its own licence for offering insurance products and will bear the economic risk of all its operations.