Deutsche Bank says has acquired majority of Postbank
German banking giant Deutsche Bank said Friday it has gained control of Postbank after having launched a public offer for shares in the country's leading retail bank.
Deutsche Bank, which owned just shy of 30 percent in Postbank, said in a statement it had acquired at least another 21.48 percent of the bank's shares, taking its holding to over 50 percent.
Deutsche Bank said it plans to temporarily sell some shares to reduce its holding back below 50 percent until it gets formal approval for the acquisition from competition authorities in the United States, where its stock is also listed.
"Nevertheless we don't have to wait for the green light from the United States to begin working on the consolidation of Postbank," a Deutsche Bank spokesman told AFP.
The acquisition of Postbank, which with around 14 million clients is the leading retail bank in Germany, will allow Deutsche Bank to take a large step forward in its plans to diversify its revenue sources.
© 2010 AFP