VEB seeks partners for possible post bank
Russian state bank VEB is seeking a strategic partner to buy up to 50% in a planned federal postal bank, a potential rival to Sberbank, Russia’s leading lender, reports Reuters.
Read MoreTag: Post Bank
Post Bank widely supported say CWU
The Communication Workers Union (CWU) has added its voice to calls for a ‘Post Bank’ to help secure the future of the UK’s post office network.
Read MorePostbank: Best quarter in the history of the company
With a considerable upturn in profit before tax to 289 million euros, Deutsche Postbank AG published its figures for the first half of 2004. For the first time since the IPO on 23 June, the Bonn-based bank presented figures on the development of business. Wulf von Schimmelmann, Chairman of the Postbank Board of Management, stated to journalists in Frankfurt am Main: “We were able to successfully deploy the momentum and the increased visibility from our IPO. At Postbank the growth trend is intact. The second quarter of 2004 was the most successful quarter in the history of our company.”
Read MoreDeutsche Post raises 1.082 bln euros from Postbank exchangeable bond
Deutsche Post, the semi-privatised German postal authority, said Friday it had raised a total 1.082 billion euros (1.3 billion dollars) from the exchangeable bond issued as part of the flotation of its banking unit Postbank earlier this week.
Read MoreGerman Deutsche Post blames memo leak for IPO delay
Deutsche Post has blamed the leak of a Deutsche Bank internal memo in part for the delay in its initial public offering and its decision to cut share prices of its Postbank subsidiary.
Deutsche Post CEO Klaus Zumwinkel told reporters in Frankfurt that a Deutsche Bank memo on Postbank’s valuation leaked to the media had “quite some” impact on the decision.
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