Frankfurt: German insurer Allianz SE said on Tuesday it will abandon its listing on the New York Stock Exchange, and others, to reduce complexity.
The Munich-based company said it has already filed a written notice to the NYSE and that it would inform exchanges in London, Milan, Paris and the Swiss Exchange in due course.
The company said trading on foreign exchanges amounted to less than 5% of the total trading of Allianz shares in recent years, despite the fact that about 70% of the company’s stock is held by investors outside of Germany.
The company said it will focus its trading mainly on Frankfurt’s Xetra platform and said the move will have no impact on the strategic orientation of Allianz and shouldn’t affect its presence on markets outside Germany.
“Allianz adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets,” Allianz management board member Paul Achleitner said in a statement.
“The vast majority of international investors already uses our listing in Frankfurt to buy and sell Allianz shares.”
Shares of Allianz were 1.2% higher at €84.67 ($125.31) in Frankfurt morning trading.