Deutsche Bank to sell Postbank

[BERLIN] Germany's biggest lender Deutsche Bank announced on Friday it was seeking to sell its Postbank subsidiary as part of a revamp to improve profitability.

"The bank... will deconsolidate Postbank," a statement said, adding that it was aiming "to achieve greater efficiency and a more robust control environment", but gave no further details.

The sale of Postbank - which Deutsche Bank acquired a few years ago - is part of a new strategy to be unveiled Monday as the bank struggles to confront the challenges of increased financial sector regulation and the low interest rate environment.

Friday's statement also said it would issue its first quarter results on Sunday, several days ahead of schedule.

Postbank, a former state-owned unit of the German postal group, has around 14 million customers and posted a net profit of 278 million euros (S$402.6 billion) last year. It is headquartered in the western city of Bonn and has a workforce of around 9,800.

AFP