German Deutsche Post to float Postbank
Deutsche Post has revealed its plans to float its Postbank subsidiary, which it values at around €5 billion, within the next 12 to 18 months. It intends to retain a slight majority of just one share over a 50% stake and to use the €2.5 billion proceeds to reduce its debt and plug gaps in its European postal services and growing global logistics business.
Deutsche Postbank is Germany’s largest retail bank with 10 million customers, 18 million savings accounts and 4.5 million current accounts. It also has around 400,000 corporate customers.
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