Deutsche Bank to sell Postbank

Germany's biggest lender Deutsche Bank announced it was seeking to sell its Postbank subsidiary as part of a revamp to improve profitabilityGermany’s biggest lender Deutsche Bank announced Friday it was seeking to sell its Postbank subsidiary as part of a revamp to improve profitability. “The bank… will deconsolidate Postbank,” a statement said, adding that it was aiming “to achieve greater efficiency and a more robust control environment”, but gave no further details. The sale of Postbank — which Deutsche Bank acquired a few years ago — is part of a new strategy to be unveiled Monday as the bank struggles to confront the challenges of increased financial sector regulation and the low interest rate environment. Postbank, a former state-owned unit of the German postal group, has around 14 million customers and posted a net profit of 278 million euros ($302 million) last year.

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