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Allianz to set aside extra $250m capital

Shreya Mariam Job
The Australian unit of Allianz SE will have to set aside an additional $250 million in capital

The Australian unit of Allianz SE will have to set aside an additional $250 million due to shortfalls in its risk governance self-assessment, APRA said on Wednesday.

The move will see Allianz Australia join the country's four biggest banks which have been slapped with additional capital requirements until they strengthen risk management and reimburse customers for wrongly charged fees.