Deutsche Post CEO says no rush to sell bank -paper
Deutsche Post could take its time on any decision to sell its Deutsche Postbank unit, new Post Chief Executive Frank Appel said in an interview with the Frankfurter Allgemeine Zeitung.
“It’s true, we need clarity. But clarity can also mean not selling for the foreseeable future,” Appel said in comments to be published in the paper’s Tuesday edition.
Deutsche Post last month promised to decide soon about the future of Germany’s biggest retail bank, which is an attractive takeover target for other banks, but Appel said on Monday he was in no hurry.
“I’m not under pressure to act. Postbank’s business is going well and there is no reason to rush and certainly not to sell it below its value,” he said, adding that he was still discussing options.
Deutsche Bank and Commerzbank have signalled they would be interested in buying Postbank, which has about 15 million customers.
Appel also said he was confident of delivering a solution to restructure Deutsche Post’s loss-making DHL Express business in the United States in May as pledged. Turning the unit around and Postbank’s future are seen as Appel’s biggest challenges as CEO.
“We are well on time,” he said.
Appel added that Post did not have to have a partner for the U.S. domestic business, but he said: “Should there be a partner, however, who could improve the solution further, then we could also take them on board at a later date.”
Deutsche Post could take its time on any decision to sell its Deutsche Postbank unit, new Post Chief Executive Frank Appel said in an interview with the Frankfurter Allgemeine Zeitung.
“It’s true, we need clarity. But clarity can also mean not selling for the foreseeable future,” Appel said in comments to be published in the paper’s Tuesday edition.
Deutsche Post last month promised to decide soon about the future of Germany’s biggest retail bank, which is an attractive takeover target for other banks, but Appel said on Monday he was in no hurry.
“I’m not under pressure to act. Postbank’s business is going well and there is no reason to rush and certainly not to sell it below its value,” he said, adding that he was still discussing options.
Deutsche Bank and Commerzbank have signalled they would be interested in buying Postbank, which has about 15 million customers.
Appel also said he was confident of delivering a solution to restructure Deutsche Post’s loss-making DHL Express business in the United States in May as pledged. Turning the unit around and Postbank’s future are seen as Appel’s biggest challenges as CEO.
“We are well on time,” he said.
Appel added that Post did not have to have a partner for the U.S. domestic business, but he said: “Should there be a partner, however, who could improve the solution further, then we could also take them on board at a later date.”
