Deutsche Bank targets Postbank stake
DPA/The Local · 11 Sep 2008, 08:56
Published: 11 Sep 2008 08:56 GMT+02:00
Deutsche Bank has long coveted the retail banking operations of Deutsche Post, but both firms said it was not yet certain that the negotiations would bear fruit.
The news comes only weeks after Commerzbank announced it was acquiring Dresdner Bank for €9.8 billion, challenging Deutsche Bank for its primacy among German private financial institutions.
With around 14.4 million customers, Postbank has the largest retail banking operations in Germany. But its market capitalization of €7 billion has fallen considerably over the past year.
Deutsche Bank CEO Josef Ackermann made no secret of his company’s interest in Postbank at a banking symposium sponsored by business daily Handelsblatt on Wednesday. “We’ve always said on the topic of Postbank that it’s an institution that would strengthen us strategically – both in the private customer sector as well as the distribution network.”