Tag: Postbank

German Deutsche Post to continue with plans for flotation of Postbank

Posted by | Jun 1, 2004 | |

Deutsche Post, the German postal service, says that it intends to continue with its plans for a flotation of Postbank, its banking subsidiary, despite conflict with Deutsche Bank, the largest bank in Germany, which is to act as a lead bank in the transaction. Last week, Deutsche Post had been angered at a report produced by Deutsche Bank, in which the value of Postbank was estimated to be considerably lower than had previously been thought, at between 26.83 and 32.32 euros per share.

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German Postbank IPO may be scrapped if price fails to meet expectations

Posted by | Jun 1, 2004 | |

Deutsche Post World Net AG’s upcoming initial public offering (IPO) of 49.9 pct of its Postbank unit may be scrapped if the price per share it gets fails to meet CEO Klaus Zumwinkel’s expectations, Handelsblatt reported, citing Deutsche Post supervisory board sources.

The paper cites investment bankers involved in the deal as saying that the ‘pain threshold’ for Zumwinkel is around 29.70 eur per share, equating roughly to the value of Postbank on Deutsche Post’s books.

‘(Deutsche Post) shareholders would not accept a lower price,’ the paper cites one banker as saying.

It is questionable whether investors will be prepared to pay that much, however, the paper said.

It cites fund managers as saying that this level is the absolute maximum that they are prepared to pay.

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Deutsche Post mulling repercussions vs Deutsche Bank over Postbank

Posted by | May 31, 2004 | |

Deutsche Post World Net AG is mulling taking steps against Deutsche Bank AG for creating uncertainty ahead of the initial public offering (IPO) of Deutsche Post’s Postbank unit, Welt am Sonntag reported citing sources at Deutsche Post.

Deutsche Bank is lead manager for Postbank’s IPO, scheduled for June 21.

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Postal banks put their stamp on financial services market

Posted by | May 26, 2004 | |

Germany’s Deutsche Post is the centre of attention with the initial public offering (IPO) of 50 percent of its subsidiary Postbank–and subsequent possible acquisition by Deutsche Bank–due to take place in June. However, there have been changes afoot in other countries, with some postal services continuing to make major inroads into their countries’ financial services markets.

“The postal systems around the world are dinosaurs, but there’s a lot of potential there,” says Stuart Castledine, a partner with Calleva, a consultancy advising a number of postal banks on the development of their banking services. “Postal administrations are not new kids on the block. Many of them have been going for 150 years.

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German Deutsche Post’s Postbank hopes to raise Eur3 bln from flotation

Posted by | May 25, 2004 | |

Postbank, the banking arm of the German postal authority Deutsche Post, is hoping to raise a little over three billion euros (3.6 billion dollars) from its initial public offering (IPO) at the end of June.

In order to estimate its market value, Postbank undertook a comparison with other big listed European banks specialising in retail banking. The banks lead-managing the flotation estimated Postbank was worth a total 6.1 billion euros

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