Deutsche Postbank CEO calls for speedy sale of bank
Deutsche Postbank AG’s Chief Executive Wolfgang Klein said he wants the German retail bank to be sold by the end of this year, or even sooner, according to an interview in Frankfurter Allgemeine Zeitung.
The newspaper also cited sources close to parent company Deutsche Post World Net AG as saying an investment bank, likely to be Morgan Stanley, will soon be commissioned to find a buyer for the company.
Klein said the bank should be sold to a company that can create the most value in the long term through lifting synergies and boosting market share to 20 pct, according to the newspaper.
‘I know who my favourite partner is,’ Klein said, adding: ‘But first of all I’m not the one selling, and second, I would weaken my position if I said who it is.’ Deutsche Post holds a 50 pct plus one share stake in Postbank.
Deutsche Postbank AG’s chief executive Wolfgang Klein said he wants the German retail bank to be sold by the end of this year, or even sooner, according to an interview in Frankfurter Allgemeine Zeitung.
The newspaper also cited sources close to parent company Deutsche Post World Net AG as saying an investment bank, likely to be Morgan Stanley, will soon be commissioned to find a buyer for the company.
Klein said the bank should be sold to a company that can create the most value in the long term through lifting synergies and boosting market share to 20 pct, according to the newspaper.
‘I know who my favourite partner is,’ Klein said, adding: ‘But first of all I’m not the one selling, and second, I would weaken my position if I said who it is.’ Deutsche Post holds a 50 pct plus one share stake in Postbank.
