Regulators will force banks to hive off their insurance arms

Allianz board member in charge of finance Paul Achleitner has said Allianz is in a strong position to buy banks’ hived off insurance arms, such as those at RBS, Reuters reports.

"Patience will win," he said. "There are going to be many opportunities. We will look at these very carefully as we think we are in a strong position. Our business is a long-term business. As long as you do not know what the rules are going to look like, any big move would be risky," he added.