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Deutsche Bank agrees to $3.9 billion buy

Sept. 12, 2008 at 12:59 PM   |   Comments

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.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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