Deutsche Bank agrees to $3.9 billion buy

Sept. 12, 2008 at 12:59 PM

FRANKFURT, Germany, Sept. 12 (UPI) -- The Deutsche Bank in Germany said it agreed to buy 30 percent of Postbank, a subsidiary of Deutsche Post, for about $3.9 billion in cash.

Postbank, with nearly 15 million customers, is the country's largest retail bank, Deutsche Welle reported Friday.

The deal comes with the option to push the consolidation further. Deutsche Bank has the option to purchase another 18 percent of Postbank within three years, the report said.

It is the second large deal between German banks arranged this month. Earlier, Commerzbank purchased Dresdner Bank from the insurance company Allianz for $13.88 billion.

Related UPI Stories
Latest Headlines
Trending Stories
TSU shooting: 1 dead, 1 wounded in third shooting this week at Houston campus
Listeria threat prompts Whole Foods cheese recall
Russia says missiles aimed at Syria did not land in Iran
Captive orca breeding banned at California's SeaWorld
Wrong drug used in Oklahoma execution