Fewer Deutsche Post employees subscribe to Postbank shares than expected

Fewer than 50 per cent of employees of Deutsche Post, the German postal service, have subscribed to shares in Postbank, the company’s banking subsidiary, which is to be floated on the stock market on June 21. In addition, only 63 per cent of Postbank staff have subscribed to the shares, despite the fact that the company had offered staff who wished to subscribe to 270 euros’ worth of shares half of the shares free of charge, while the remaining shares could be obtained as an interest-free loan if desired.

Although a spokesman for Postbank says that the bank is satisfied with the proportion of staff who have subscribed to the shares, the figures are thought to be considerably lower than the company had hoped. Due to the fact that demand was low, the company had extended the internal deadline for subscription to the shares by two weeks; Wulf von Schimmelmann, the head of Postbank, had also sent postcards to staff urging them to subscribe to the shares. It is thought that developments over the next few days will determine whether or not the flotation of the bank is successful.