Deutsche Bank says now owns 51.98 pct of Postbank

29th November 2010, Comments 0 comments

The biggest German bank, Deutsche Bank, said Monday that it now owns 51.98 percent of Postbank following a public offer for shares that ended last week.

Deutsche Bank had said Friday that it had acquired a majority holding in Postbank, which has the biggest retail banking network in the biggest European economy.

The public offer allowed Deutsche Bank to buy a little more than 22.02 percent of the shares in Postbank for 25 euros (32.9 dollars) per share, in addition to a previously owned holding of roughly 29.95 percent, a statement said.

Postbank is to be fully integrated into the parent group's books by the end of the year, and will add a crucial source of retail banking income to Deutsche Bank's traditional activities in investment banking.

© 2010 AFP

0 Comments To This Article