Postbank to go public June 21

COLOGNE, Germany, May 6 (UPI) -- Germany's Postbank has announced it will sell its first public shares June 21, the German newspaper Die Welt reports.

Klaus Zumwinkel, head of Postbank owner Deutsche Post, announced the decision Thursday in Cologne, saying the bank had become "fit for the market" more quickly than expected.

Deutsche Post will retain at least 50 percent of Postbank ownership, giving it an easy controlling interest in the company.

Deutsche Post shareholders, employees and customers will have priority in buying the shares that are put up for sale.

Financial Times Deutschland reports that Deutsche Bank had expressed an interest in a complete sale of Postbank. A further sale beyond the initial 50 percent offering remains a possibility.

Zumwinkel said reports of attempts to sell all interest in the bank are speculation.

Postbank has 11.5 million customers and reported a balance of 132 billion Euros ($160 billion) in 2003.