Financial revamp: Deutsche Bank to sell Postbank

BERLIN: Germany’s biggest lender Deutsche Bank announced that 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 on Monday as the bank struggles to confront the challenges of increased financial sector regulation and the low interest rate environment. The 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 ($302 million) last year.

Published in The Express Tribune, April 26^th, 2015.

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