Deutsche Bank gains majority control over Postbank

first_imgFriday 26 November 2010 5:18 am Tags: NULL whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPuffer fish snaps a selfie with lucky divernypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Show Comments ▼ Deutsche Bank gains majority control over Postbank DEUTSCHE Bank has clinched its takeover of Deutsche Postbank after securing a 21.48 per cent stake in the Bonn-based lender today.Deutsche Bank said it would consolidate Postbank by the end of the yer after securing the stake in Germany’s largest retail bank on top of its existing 30 per cent holding.The deal is a milestone for Germany’s flagship lender as it seeks to diversify its refinancing base amid new liquidity and capital rules.Deutsche Bank, which depends on investment banking for more than 80 per cent of profits, will add stable earnings from Bonn-based Postbank, which has 14 million clients.Including the costs of acquiring its initial 30 per cent stake, buying all of Postbank would cost €6.3bn (£5.3bn), Deutsche said.The deal also adds a stable funding source and helps Deutsche issue more pfandbriefs, or German covered bonds.The importance of refinancing became clear during the financial crisis when Lehman Brothers, Hypo Real Estate and IKB ran aground in large part due to refinancing and liquidity problems.Deutsche Bank’s shares traded 2.8 per cent lower at €37.825 at 1205 GMT, while Postbank shares slipped 0.2 percent.Deutsche said enough Postbank shareholders had accepted the €25 (£21.10) a share offer – the legal minimum – to hand it majority control.It will gain 1,100 branch offices to total around 2,900 in Germany alone from the addition of Postbank.Deutsche Bank has said combined operations will yield €250m in revenue synergies and about €710m in cost synergies.Earlier this year, Deutsche issued €10.2bn worth of shares to stock up its Postbank holding, which was just under 30 per cent in September.Deutsche staggered its takeover of Postbank to await the impact of Basel III capital rules, buying an initial stake of almost 30 per cent in September 2008 as a way to gain access to Postbank’s 14 million clients. Share alison.lock whatsapplast_img

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