A unit of Allianz focused on digital investments puts up for sale its stakes at the German online bank N26 at a steep discount.
Allianz X is one of the largest external investors in N26, according to the FT report, but it is not immediately clear how much it holds in the fintech company.
According to sources familiar with the situation, the German insurer has hired a consultancy firm to help it sell its 5.3% interest in N26, which it has held since 2018.
If the plan goes through, the bank will be valued at 3 billion USD, which represents a 68% drop from its estimated value of 9 billion USD in October 2021.
