Tag: Germany

PvdA wants to delay liberalisation of post

Posted by | Dec 6, 2007 | |

Coalition party Labour PvdA wants to postpone further liberalisation of the postal market, but coalition party Christian democrat CDA has still not taken a stand on the issue.

This emerged on Thursday morning as trade unions demonstrated in front of Parliament for better employment conditions for postal delivery personnel.
Earlier this year Parliament approved further liberalisation of the market as of 1 January 2008, but this target date was made dependent on the liberalisation of the postal market in other European countries.
Earlier this week it was announced that Germany wants to introduce a minimum wage for postal delivery personnel. TNT Post says this will bring about major changes to the situation in Germany.
PvdA MP Mei Li Vos is now urging that further liberalisation be postponed. Nicolien van Vroonhoven (CDA) does not want to take a stand until Economic Affairs state secretary Frank Heemskerk comes with a proposal.
Heemskerk did not make a statement during the demonstration on Thursday, but will discuss the matter with Parliament later in the day.

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Dutch to postpone mail market liberalization

Posted by | Dec 6, 2007 | |

The Netherlands will postpone the full opening of its mail market, originally due in January, partly because the government fears Germany’s plans to introduce a minimum wage for postal workers will impede competition there.

One condition for the market opening in the Netherlands was a level playing field in Germany. Dominant Dutch mail company TNT argues that does not exist because the planned minimum wage is set too high for it to compete effectively with Deutsche Post.
Dutch Junior Economy Minister Frank Heemskerk said it was unclear what would happen in Germany, adding that discussion surrounding labour conditions for mailmen in the Netherlands was also still fluid.

TNT separately announced that it had settled all outstanding tax matters in Britain and that it planned to raise its dividend payout ratio to 40 percent of normalised net income by 2010 from the current 35 percent. “The introduction of the postal law from January 1, 2008, would not be prudent, and we thus should not do it,” Heemskerk told a parliament committee in The Hague. He said he expected the situation to become clearer in the first half of 2008.

The economy ministry has previously said that the market opening should ideally coincide with the fiscal year of mail companies, or at least with the beginning of a quarter. Both Deutsche Post, which competes with TNT in the Netherlands, and privately-held mail company Sandd sharply criticised the move.

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Postbank Germany intends to focus more strongly on customers

Posted by | Dec 6, 2007 | |

Postbank intends to further expand its position on the German banking market with its further developed strategy. To this end, the Bank has launched a program called “Next Step” that includes all of its units. The aim of the program is to make Postbank number one for liquidity and finance management by focusing more strongly on customers. Dr. Wolfgang Klein, Chairman of the Board of Management, emphasized before journalists in Bonn on Thursday that Postbank had successfully developed in all respects since its IPO in 2004 and had bucked the market trend in its divisions. “However, we must also take the next step to be able to challenge the competition in retail banking and meet the requirements of customers, the capital market and our employees in a few years,” said Klein.

With “Next Step”, Postbank also combines further above-average growth with strict cost discipline. In this way, the Bank intends to make itself one of the most profitable German banks in the long term. “Our restructuring and the ambitious goals associated with this will be reflected in our income statement and will also convince the capital market,” added Klein.

Postbank intends to significantly boost its profit before tax from EUR 941 million in 2006 to between EUR 1.40 billion and EUR1.45 billion by 2010. Profit after tax is set to grow to between EUR 980 million and EUR 1,015 million. The cost/income ratio in the traditional banking business is set to improve to just under 58 pct by 2010.

For 2008, Postbank is still striving for return on equity before tax of more than 20 pct and a cost/income ratio (in the traditional banking business) of just under 63 pct. The Bank still hopes to report profit before tax at the implied target amount of EUR1.22 billion.

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Rabobank invests in Australia Post partnership

Posted by | Dec 6, 2007 | |

Rabobank has moved to strengthen its competitive position in the domestic market, announcing a partnership with Australia Post to expand its rural business banking services.

The partnership will allow Rabobank to provide its customers with access to business banking services through more than 1300 Australia Post outlets across the country.

Yesterday’s announcement comes less than a week after rival National Australia Bank signalled it wanted to be a “very good international agricultural bank”, challenging Rabobank’s dominance.

Rabobank general manager Rural Australia Peter Knoblanche said the partnership significantly increased access to Rabobank’s transactional services in rural Australia.

Mr Knoblanche said the partnership “gives Rabobank’s clients – many of whom live in remote rural locations – the convenience and flexibility of being able to visit selected Australia Post outlets to conduct their business banking transactions through Bank@Post”. Rabobank has 49 branches in Australia.

Through Australia Post’s Bank@Post banking platform customers of Rabobank’s primary All In One account will be able to undertake a range of transactions from cheque or cash deposits to cash withdrawals and account balances.

The service is for customers who do not wish to make deposits by mail or use internet banking.

Rabobank is one of several partnerships Australia Post has formed with financial institutions. Others include NAB, Commonwealth Bank, St George, Citibank, HSBC and Members Equity.

A spokeswoman for Australia Post said it “currently offers personal banking services through Bank@Post on behalf of more than 75 financial institutions”.

Six other financial institutions offer business banking services through Bank@Post.

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Deutsche Post head under fire for selling shares at key moment

Posted by | Dec 6, 2007 | |

Deutsche Post Chairman Klaus Zumwinkel came under fire Thursday for selling share options after it became clear the German government would push through a minimum wage for the sector.

Economics Minister Michael Glos queried the timing of the sale in remarks to the mass-circulation Bild newspaper

Deutsche Post rejected the criticism, saying there were only restricted windows when board members could sell shares, and Zumwinkel had made use of one of them in a legitimate way.

Deutsche Post surrenders its monopoly on delivering letters in Germany at the end of the year. It has already surrendered its parcel monopoly as part of the privatization process that began in 1991.

Zumwinkel, who sold his share options on Monday, cashing in 4.73 million euros to make a profit of almost 100 per cent, has been a vigorous critic of the postal liberalization programme instituted by the European Union.

Presenting half-year results in August, he referred to an “unparalleled slashing of worker benefits” and accused the European Commission of creating “chaos” in the postal market.

Deutsche Post’s competitors in Germany were paying 40 per cent less than the starting pay at Deutsche Post. “A stop must be put to this,” he said.

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