Postbank buys 850 Deutsche Post branches

Postbank, the banking arm of Deutsche Post, said Tuesday it had agreed to take over 850 branches belonging to its parent company for 986 million euros (1.2 billion dollars).

“We will take over the 850 most lucrative branches of Deutsche Post from January 1,” Postbank said in a statement.

The transaction meant that 9,600 employees including 2,000 financial service advisors, would move to Postbank.

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AFS International
Deutsche Postbank AG said it has acquired 850 outlets of Deutsche Post AG for 986 mln eur, effective Jan 1 next year.

Postbank said the purchase price is based on expectations that the branches will generate 150 mln eur annually before taxes and refinancing costs.