German Deutsche Post to retain majority in postbank
Deutsche Post plans to retain a long-term majority stake in its financial services unit Postbank after it floats the business on the stock exchange in the fall of next year, Chairman Klaus Zumwinkel tells Boersenzeitung in an interview. Its postal services branches depend on Postbank, which generates 30% of all business at Deutsche Post’s outlets. But he also says the Postbank has not yet reached the company’s 15% return on equity goal. Deutsche Bank AG (DB) and Morgan Stanley (MWD) are advising Deutsche Post on the IPO, and discussions are underway about how the shares will be split between retail and institutional investors, Zumwinkel says.