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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hertford | LSE:HIG | London | Ordinary Share | GB00B29KF658 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Germany's Allianz SE (AZ) will be able to retain its interest in The Hartford Financial Services Group, Inc. (HIG) when The Hartford becomes a savings and loan company, the U.S. Federal Reserve said Wednesday.
Allianz owns 23.7% of Hartford's voting shares.
Hartford applied to become a savings and loan in November, on the date of the original deadline for banks to apply for government capital through the $700 billion Troubled Asset Relief Program. In applying to become a savings and loan, The Hartford announced plans to acquire the Florida-based Federal Trust Corp. (FDTR) for $10 million.
Federal Trust Corp. is the parent of one depository institution, Federal Trust, which controls deposits of $415 million. Federal Trust Corp. has total consolidated assets of approximately $602 million. Allianz said it has no plans to exercise a controlling influence over The Hartford and that its investment in the Federal Trust would be a passive one.
Allianz has total consolidated assets of approximately $1.4 trillion. It provides insurance, banking and asset management services in more than 70 countries.
-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629; meena.thiruvengadam@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary. You can use this link on the day this article is published and the following day.
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