Deutsche Bank to sell Postbank
Add BT as a preferred source
[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
Share with us your feedback on BT's products and services
TRENDING NOW
Firm loses wrongful dismissal case despite following termination clause
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
Citi, OCBC downgrade UOB post-Q2 results; RHB upgrades on valuation
Soilbuild’s Lim Chap Huat sues Brookfield, claims it reneged on joint venture: WSJ
