Deutsche Bank gains majority share in Postbank

29 November 2010

Deutsche Bank has acquired a majority stake in the retail lender Postbank after shareholders accepted its takeover offer.

According to the financial services provider, more than 70 per cent of Postbank shareholders agreed to accept the bid from Deutsche.

The acceptance provided the firm with 21.48 per cent of the firm’s shares, which combined with its previous stake of 29.95 per cent, gives it a majority share.

Josef Ackermann, chairman of the management board of Deutsche Bank, said: “We are pleased that the majority of holders of Postbank shares in free float have accepted our takeover offer. Deutsche Bank and Postbank will now intensify the cooperation.

“We will consolidate Postbank by the end of this year as planned. In the future, Deutsche Bank Group will have more stable revenues and a more balanced earnings mix.”

Deutsche Bank received 47 million shares at €25 per share as part of its bid.

Rainer Neske, member of Deutsche Bank's Management Board and head of Private & Business Clients, added: “Together with Postbank we will be the leader in Germany’s retail banking business and build on a leading position in Europe.”

Shareholders are expected to receive payment from Deutsche during the first week of December.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development