Deutsche Post CEO wants to keep majority in Postbank unit mid-term
Deutsche Post AG chief executive Klaus Zumwinkel told journalists last night that he has no plans to relinquish majority control of the company’s Postbank AG unit in the mid-term.
‘That holds for the next few years,’ Zumwinkel said at the press dinner.
‘The financial services unit is part of our core business.’
Zumwinkel added that the company gains additional business by having outlets that offer both postal and banking services.
As a result, Postbank’s value has risen sharply in the past six years — from 2.0 bln eur to about 9.0 bln eur today.
The chief executive also said that the German state-owned development bank Kreditanstalt fuer Wiederaufbau (KfW) could sell its roughly 42 pct stake in Deutsche Post by 2011.
‘Since the market is snapping up our shares right now, KfW’s stake could shrink to zero within the next four years,’ Zumwinkel said.
