The move is part of sweeping changes to Allianz's structure that were unveiled on Sunday and include the 5.7 billion euro ($7 billion) buyout of minorities in Riunione di Sicurta, or RAS, in which it holds a 55.4 percent stake.
The move is part of a wider restructuring of Allianz whereby the insurer will be incorporated under European Union rules, which should help cut down red tape.
Germany's largest insurer said on Monday that banks were placing 20.8 million of its shares to help fund the acquisition.
Of the total placement, 10.1 million were new shares from authorized capital without pre-emptive rights for current shareholders, and 10.7 million shares were borrowed from existing shareholders, it said.
Dealers said Morgan Stanley was running the placement and that the borrowed shares had come from fellow investment bank Goldman Sachs.
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