Deutsche Bank to sell Postbank
Postbank, a former state-owned unit of the German postal group, has around 14 million customers.
BERLIN (AFP) - Germany s biggest lender Deutsche Bank announced 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 ($302 million) last year. It is headquartered in the western city of Bonn and has a workforce of around 9,800.
