Postbank hoping to boost profits with new strategy

Deutsche Postbank, the banking subsidiary of German postal service operator Deutsche Post, is hoping to boost its profits thanks to a new strategy, which is to be presented in December. In its retail banking business, the bank wants to have a sales system that will increase profits through the involvement of partners. Postbank is Germany’s largest multi-branch bank, with 14.6 million customers, according to the latest figures.

The bank has already said that it is aiming to increase profits in business with corporate customers by 50 per cent by 2010. This would bring the profit in this division to almost 560m euros, compared with 372m euros last year. Despite increasingly tough competition, Postbank is confident that it will meet its target of gaining over 1 million new private customers this year. Almost 60,000 new current accounts are reported to have been opened in July.