Deutsche Postbank to take over 850 Deutsche Post branches
Deutsche Post AG said it plans to transfer about 850 branches to its Deutsche Postbank AG unit in order to increase the bank’s revenue stream.
Deutsche Postbank’s chief executive Wulf von Schimmelmann told journalists the move would lead to a ‘tremendous growth spurt.’
‘I am certain that the positive benefits of this decision will be seen in our figures,’ von Schimmelmann added.
He did not provide any specific earnings or sales projections for Postbank following the transfer.
A Deutsche Post spokesman said the branches will continue to operate as post offices despite the management change.
Deutsche Post also said the move does not affect its majority stake in Postbank.
The German postal company said it has begun talks with the ver.di union on the transfer.
The Deutsche Post spokesman declined to comment on whether the move, which affects 9,500 workers, will result in any job cuts.
A spokeswoman for the union said that it had not yet received any details on the matter and that as a result it could not provide any in-depth comment.
However, she said ver.di expects both Deutsche Post and Deutsche Postbank to honour an agreement not to cut any jobs up to 2008.
