Bank Benefits from Spanish Post Partnership

Deutsche Bank, Germany’s largest bank and the leading foreign bank in Spain, forecasts that its co-operation with Spain’s postal services operator [Correos y Telégrafos] will generate profits for the first time this year. As part of the collaboration, which came into effect more than two years ago, the German bank distributes its products via Spain’s 1,800 post offices. Deutsche Bank’s post office operations registered 91,000 customers at the end of 2001, 100 per cent more than at the end of the year 2000. Deutsche Bank Espana, the bank’s Spanish subsidiary, reduced its number of branches by 26 to 295 in 2001. The subsidiary, which yesterday held its annual general meeting, will issue dividends of 12m euros and will reserve 19m euros. Deutsche Bank Espana closed 2001 with net profits of 32.21m euros, 36.6 per cent less than in the previous year.