Postbank to acquire 277 Deutsche Post branches: boss

19th June 2010, Comments 0 comments

Germany's Postbank plans to take over 277 branches of Deutsche Post across the country on July 1, Postbank boss Stefan Juette said in an interview published Saturday in the daily Bild.

"We are using the crisis as an opportunity: we are very probably going to purchase 277 Deutsche Post branches to expand our network significantly," he told the newspaper.

Postbank customers will also see new products offered in their branches, such as telephone and energy supply services, he added.

Postbank is Germany's leading retail banker with more than 14 million clients. Last year it made net profits of 76 million euros (94 million dollars), against a loss of 886 million in 2008.

Deutsche Post, formerly a state-owned monopoly, is still the world leader for postal and logistical services. It is in the process of restructuring its network, with fewer dedicated post offices and more points of sale in stores and automatic dispensers.

© 2010 AFP

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