Deutsche Bank refuses comment on possible Postbank bid after board meeting

Germany’s Deutsche Bank refused to comment Tuesday on the outcome of a board meeting at which it reportedly was considering whether to bid for Postbank, the country’s biggest retail bank.

The meeting followed persistent media reports over the past week that Deutsche Bank is considering a takeover of Postbank, a unit of German postal service Deutsche Post. Both Deutsche Bank and Deutsche Post have refused to comment.

Deutsche Bank spokesman Ronald Weichert said Tuesday’s meeting ended “without any decision being announced.” He would not comment on whether Postbank was discussed.

Postbank is the largest retail bank in Germany by number of customers, with some 11 1/2 million depositors. Deutsche Post _ in which the German government holds a majority stake _ last week announced it would start selling shares in Postbank in June.

In its Wednesday edition, the German daily Die Welt, citing unidentified financial sources, reported that Deutsche Bank was hesitating on making a bid for Postbank. Deutsche Bank has been named a global coordinator for Postbank’s initial public offering.

Deutsche Post, which said Tuesday the IPO would go ahead as planned, has said it intends to keep a majority share in the banking business.

Tuesday’s board meeting ended after the Frankfurt stock exchange closed, with Deutsche Bank shares up 3.1 percent at €66.33 (US$78.65).

Last week, Chancellor Gerhard Schroeder said that Germany needs at least one global player in the banking industry and urged the country’s bankers to press ahead swiftly with consolidation.

In a weekend newspaper interview, Deutsche Bank chief executive Josef Ackermann signaled an interest in acquisitions in Europe but gave no details of potential targets. Ackermann dismissed reports of differences with the bank’s supervisory board over strategy.