German global banking and financial services company Deutsche Bank mulls sale of its Postbank-branded retail unit after assessing its strategy and profit targets in 2015.
The company said it would update its strategic targets next year with its three-year-old plan coming to an end.
Deutsche Bank’s latest announcement comes on the heels of the comments made by the Manager magazine regarding the bank’s possible sale of its unit, reports Reuters.
Spain-based Banco Santander is said to be showing interest in purchasing the Postbank unit, which was acquired by Deutsche between 2008 and 2009, the magazine had reported.
The sale of the unit is expected to be a major reversal for the bank, which intends to shift its earnings away from fluctuating investment banking segment.
German retail bank Deutsche Postbank was formed from the demerger of the postal savings division of Deutsche Bundespost in 1990 and became a wholly-owned subsidiary of Deutsche Post in 1999.
Deutsche Bank gained a majority stake in the firm through a tender offer that was completed in December 2010 and exercised its option to acquire the remainder of Deutsche Post’s holding in 2012.
Deutsche Bank has a large presence in Europe, the Americas, Asia-Pacific and the emerging markets.
With offices in major financial centers, the bank offers financial products and services for corporate and institutional clients along with private and business clients.
Image: Postbank headquarters in Bonn. Photo: courtesy of Eckhard Henkel