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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover