Deutsche Bank CEO deniespolitical pressure over Postbank

2nd June 2004, Comments 0 comments

2 June 2004 , FRANKFURT - Deutsche Bank chief Josef Ackermann denied Wednesday that he had faced pressure by the German government to take over the former post office savings bank. Ackermann declined to confirm at an annual shareholders' meeting in Frankfurt that Deutsche had ever bid for Postbank, but said: "Deutsche Bank and its board have at no time been under political pressure of any nature." Bank sources say Deutsche entered negotiations last month on an acquisition, but broke off the talks. Schroede

2 June 2004

FRANKFURT - Deutsche Bank chief Josef Ackermann denied Wednesday that he had faced pressure by the German government to take over the former post office savings bank.

Ackermann declined to confirm at an annual shareholders' meeting in Frankfurt that Deutsche had ever bid for Postbank, but said: "Deutsche Bank and its board have at no time been under political pressure of any nature."

Bank sources say Deutsche entered negotiations last month on an acquisition, but broke off the talks. Schroeder has encouraged major German banks to merge so as to create key international players.

Postbank, currently a subsidiary of stock market-listed mail group Deutsche Post has more retail customers than any other German bank.

Ackermann was expected to face criticism later in the shareholders' meeting in Frankfurt over a perceived conflict of interest, since Deutsche is one of the two leading banks in a consortium managing Postbank's initial public offering of stock.

Ackermann said Deutsche, Germany's biggest bank by business volume, was fundamentally willing to acquire other banks, but had not initiated any merger talks in recent months. Offers made to the bank had been reviewed then.

Referring to his own trial on breach-of-duty charges, the Swiss- born executive said: "I hope that this case will soon be over." He is one of six executives and board figures indicted in connection with bonuses paid after the 2000 takeover of Mannesmann by Vodafone.

He said the hearings since January had been "demanding" on him and his family, but he was fulfilling all his chief-executive duties.

 

DPA

Subject: German news

 

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