Tag: Postbank

Postbank remains on track in first half-year

Posted by | Jul 30, 2008 | |

In the first half-year of 2008, Deutsche Postbank AG asserted its position well in an environment characterized by the capital market crisis and an inverse yield curve. In key product categories, new business was expanded and market gains achieved. There was a positive trend in operating results while charges on the income statement resulting from the trend on capital markets were again relatively moderate.

In comparison to the first half-year of 2007 – the last before the capital market crisis started – Postbank improved its core operating figures – net interest income and net fee and commission income. Due to market turbulence, net trading income and net income from investment securities declined. As a result of enhanced efficiency and rigorous cost control, administrative expenses moved down considerably. Allowances for losses on loans and advances was appreciably below the level of the previous year.

In the first six months of 2008, profit before tax fell by 26.1pct to EUR337 million. Adjusted for the impact of the financial market crisis, the result increased by 43.4pct to EUR654 million. Return on equity before tax declined to 13.9pct (previous year: 17.5pct). The cost-income ratio of the whole bank increased to 73.7pct (68.7pct ), while in the classical banking business (without Transaction Banking) this figure rose to 71.8pct (66.6pct ). Adjusted for the financial impact of the market jitters, there was a year-on-year improvement of profit before tax, return on equity and the cost-income ratio in the first six months.

In view of the positive development of the operating business after the first half year of 2008, Postbank sees itself as well on track for achieving an operating result before tax (without positive and negative non-recurring effects) of between EUR1.1 billion and EUR1.2 billion for the current fiscal year. This guidance is given despite the inverse yield curve and high volatility on capital markets.

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Deutsche Bank and Lloyds TSB only remaining bidders for Deutsche Postbank

Posted by | Jun 30, 2008 | |

Deutsche Bank AG. and Lloyds TSB Group Plc. are the only remaining suitors interested in taking over Deutsche Postbank AG. as the German retail bank moves on to disclose selected data on its business to the potential buyers on Monday, a person familiar with the procedure said.

The source said that Postbank has adopted a relatively restrictive stance in supplying information in the so-called data room, a metaphoric term for divulging privileged information in an advanced stage of the selling process.

Deutsche Post World Net AG., which owns 50 percent plus one share in Postbank, last Wednesday said it has entered into a “more intensive phase” of negotiations over the future of its banking subsidiary.

A spokesman for the German postal-services giant said at the time that potential buyers would not be given a specific set of data and that “individual talks” would be held instead. Deutsche Post is 31 percent-controlled by the German government through its development bank KfW Bankengruppe.

German securities trading laws would require a buyer of Deutsche Post’s majority stake to also make a mandatory offer for the remaining Postbank shares in the free float.

Recent media reports said that companies interested in Postbank, Germany’s biggest retail lender, also include Banco Santander of Spain, BNP Paribas of France and Belgian lender Fortis.

Frankfurter Allgemeine Zeitung and Boersen-Zeitung last Wednesday cited financial sources as saying that Deutsche Post eliminated Commerzbank AG. and Allianz SE.’s Dresdner Bank unit from the list of potential buyers.

Shares in Postbank were last week buoyed by speculation among traders that Lloyds TSB could be willing to pay as much as 11 billion euros for Postbank.

The lender currently has a market value of about about 9.1 billion euros.

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Deutsche Post World Net move closer to finalising future of Postbank

Posted by | Jun 25, 2008 | |

Deutsche Post World Net announced that it has entered a more intensive phase of the exploratory process concerning the future of its Postbank subsidiary. The logistics company is currently evaluating options for an optimal competitive position to secure a successful future for Postbank.

To this end, discussions between Deutsche Post and potential partners are moving forward quickly and efficiently. No preliminary decision regarding the various potential options has yet been taken.

Against this background, the Supervisory Board of Deutsche Post AG has accepted the request of Postbank Chief Executive Officer Wolfgang Klein to temporarily step down from the Management Board of Deutsche Post with immediate effect. Klein’s position as CEO of Deutsche Postbank AG remains unaffected.

Wolfgang Klein and Deutsche Post Chief Executive Officer Frank Appel have mutually come to the conclusion that the decision to step down from his position for the duration of the current phase complies with good corporate governance. When appointed as CEO of Postbank on July 1st 2007, Klein was simultaneously appointed to the Management Board of the parent company.

The Management Board of Postbank actively supports this open-ended process to secure an optimal solution for the successful strategic development of the company in the future, in the interests of its shareholders, employees and customers.

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Deutsche Post plans to sell all remaining post offices by 2011

Posted by | Jun 16, 2008 | |

Deutsche Post plans to sell off all its 750 remaining post offices by 2011 and will then have a retail network of 13,500 outlets operated completely by private partners or its Postbank subsidiary. It has previously planned to retain about 100 “flagship” outlets as an in-house operation.

A company spokesman confirmed German media reports about the post office sales, stressing that the local branches would not be closed but taken over by private retail partners. The 2,000 post office staff affected by the disposal would be transferred to other jobs within the group.

Deutsche Post’s head of mail, Jürgen Gerdes, said in a statement that the German postal operator was committed to extending its network, improving its service and adding more products while keeping its retail network costs under control.

Deutsche Post, which is legally obliged to operate a minimum network of 12,000 postal outlets, currently has about 13,500 outlets. Over the last decade it has started to divide up the network into a three-tier structure with full-service “flagship” post offices, full-service postal counters within retail stores, and streamlined postal services offered by private partners.

There are currently about 1,600 “flagship” outlets. Of these, 850 are former post offices in top locations sold to financial services subsidiary Postbank in 2006 and re-branded as “Postbank Finanzcenters”, offering a full range of banking and postal services. The other 750 Deutsche Post-operated post offices, often in secondary locations, are those planned to be disposed of.

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Postbank to put property portfolio up for sale

Posted by | May 15, 2008 | |

Deutsche Postbank is putting up for sale a majority of its property portfolio, a spokesman for Germany’s biggest retail bank said on Tuesday.

He said the bank was evaluating the disposal of a packet called of 25 of its office buildings, confirming a story released by the Financial Times Deutschland newspaper on Tuesday ahead of publication on Wednesday.

The reason for the sale is that real estate management is not a core business for the bank, the spokesman said. A decision about the sale should come in the second half of the year.

The newspaper reported the buildings owned by Postbank were worth between 700 and 800 million euros (USD 1.1-USD 1.2 billion).

Postbank has hired Morgan Stanley, which has previously managed a real-estate sale for parent Deutsche Post, to handle the transaction, according to the report.

In April, Deutsche Post sold property worth a billion euros to U.S. Investor Lone Star LS.N.

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