Deutsche Post transfers Postbank shares to Deutsche Bank
Deutsche Post has completed its withdrawal from financial services, selling its remaining stake in the Postbank business to Deutsche Bank AG. The German postal giant confirmed today that it has transferred a further 27.4% stake in Postbank to Deutsche Bank as part of a previous deal worked out by the two companies in 2009.
And, Deutsche Post said it exercised its options today to hand over its remaining 12.1% stake in Postbank.
Deutsche Post, which received EUR 4.9bn in total for its shares in Postbank, including the 22.9% stake handed over to Deutsche Bank in 2009, said it now holds no stock in the Postbank business.
A relationship between Postbank and Deutsche Post is set to continue, however, with postal services being offered in around 1,100 independent Postbank outlets, while Postbank financial services would be available in “many” of Deutsche Post partner retail outlets, it said.
Frank Appel, the Deutsche Post CEO, said that his company had withdrawn from financial services provision at a “very difficult time” for the banking sector, in order to focus on its mail and global logistics operations.
“Under the umbrella of Deutsche Bank, Postbank will be able to continue its positive evolution,” he said. “Even after the sale, we will continue to maintain a close working relationship with Postbank in our retail-outlet business.”
With its headquarters in Bonn, Postbank was created out of the demerger of Deutsche Bundespost in 1990, in which Deutsche Post and Deutsche Telekom were also formed. Postbank became a joint stock company in 1995 before being acquired by Deutsche Post in 1999, which then initiated an IPO in 2004.
Deutsche Bank acquired a 22.9% stake in Postbank in 2009, in a deal that also set up today’s additional transfer of 86.4m shares. The Bank had upped its stake in Postbank to a controlling share in 2010 by offering EUR 25 per share to minority shareholders.
With the Deutsche Post holding, the Bank now has a 93.7% stake in Postbank.
