German Deutsche Post rules out Postbank stake sale

German postal services group Deutsche Post AG categorically rules out the possible sale of its stake in its banking arm Deutsche Postbank AG, Deutsche Post CEO Klaus Zumwinkel said on February 4, 2005.

Postbank’s strength lies in the fact that it focuses on the German market and Deutsche Post had absolutely no plans to expand the bank abroad, Zumwinkel said.

Deutsche Post is open to acquisitions in Asia, Zumwinkel said but stressed that those were not expected to follow soon.

Zumwinkel declined to comment on whether Deutsche Post was interested in buying the British logistics firm Exel Plc, and dismissed the issue as pure speculation and rumours.

Deutsche Post generated a 3.3 bln euro (USD4.283 bln) operating profit on a turnover of substantially over 40 bln euro (USD51.916 bln) in 2004.