Deutsche Postbank
Encyclopedia
Deutsche Postbank AG is a German
retail bank
with headquarters in Bonn
. Postbank was formed from the demerger
of the postal savings
division of Deutsche Bundespost
in 1990. It became a wholly owned subsidiary
of Deutsche Post
in 1999, and was partially spun out
on the Frankfurt Stock Exchange
in 2004. Deutsche Post retained a controlling stake of 50% plus one share until September 2008, when 30% of this was sold to Deutsche Bank
for €2.8 billion. Deutsche Bank gained a majority stake in the firm through a tender offer
completed in December 2010, and intends to exercise first option
on a bid for the remainder of Deutsche Post's holding in 2012.
In 1990, following the German Postal Services Restructuring Act (Poststrukturgesetz) of 1989, the German Postal Service (Deutsche Bundespost
) was divided into three companies, Deutsche Post
, Deutsche Telekom
and Postbank. Later that year, Deutsche Post Postbank of the former East Germany was merged with Postbank. From 1990 to 1997, Dr. Guenter Schneider was chairman of the board. The first board of Postbank consisted of Guenter Schneider, Rudolf Bauer and Bernhard Zurhorst.
On January 1, 1995, following the new postal reform legislation (Gesetze zur Postreform II) of 1994, Postbank became an independent, joint stock company
. Postbank then extended operations, and engaged in loan
s, insurance
and homes savings.
In 1999, Deutsche Post
became the owner of Postbank. In that same year, Postbank acquired DSL Bank by the sale of the government's shares.
Postbank subsidiary easytrade began offering on-line brokerage services in 2000.
Postbank purchased BHF (USA
) Holdings Inc. in 2001.
By 2003, Postbank had 11.5 million customers, more than any other bank in Germany.
On January 1, 2004 the postal bank took over the transaction banking of the Deutsche Bank
and the Dresdner Bank
. From then on Postbank executed the clearing and settlement of Deutsche Bank and Dresdner Bank's payment transactions. This agreement strengthened the bank’s new business field "Transaction Bank" in the apron of the announced Initial Public Offering
.
The IPO
of Postbank on June 23, 2004 was the largest stock market launch in Germany for the past 2 years.
On October 25, 2005 Postbank announced its intention to acquire a 76.4 percent stake of the home financing specialist, Beamten Heimstätten Werk (BHW). With the acquisition of BHW Deutsche Postbank became Germany’s leading financial services provider for retail customers.
On January 1, 2006 the purchase of BHW Holding by Deutsche Postbank was concluded. Beyond that Deutsche Postbank took over 850 branches from Deutsche Post. Along with the change in ownership, around 9,600 employees switched employer, bringing Postbank's workforce to over 25,000 employees.
In October of 2010, Postbank put its Indian finance business up for sale.
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
retail bank
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
with headquarters in Bonn
Bonn
Bonn is the 19th largest city in Germany. Located in the Cologne/Bonn Region, about 25 kilometres south of Cologne on the river Rhine in the State of North Rhine-Westphalia, it was the capital of West Germany from 1949 to 1990 and the official seat of government of united Germany from 1990 to 1999....
. Postbank was formed from the demerger
Demerger
Demerger is a form of corporate restructuring in which the an entity's business operations are segregated into one or more components. It is the converse of a merger or acquisition....
of the postal savings
Postal savings system
Many nations' post offices operated or continue to operate postal savings systems to provide depositors who do not have access to banks a safe, convenient method to save money and to promote saving among the poor.-Great Britain:...
division of Deutsche Bundespost
Deutsche Bundespost
The Deutsche Bundespost was created in 1947 as a successor to the Reichspost . Between 1947 and 1950 the enterprise was called Deutsche Post...
in 1990. It became a wholly owned subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of Deutsche Post
Deutsche Post
Deutsche Post AG, operating under the trade name Deutsche Post DHL, is the world's largest logistics group. With its headquarters in Bonn, the corporation has 467,088 employees in more than 220 countries and territories worldwide and generated revenue of € 51.48 billion in 2010...
in 1999, and was partially spun out
Spin out
A spin-out, also known as a spin-off or a starburst, refers to a type of corporate action where a company "splits off" sections of itself as a separate business....
on the Frankfurt Stock Exchange
Frankfurt Stock Exchange
The Frankfurt Stock Exchange is the world's 12th largest stock exchange by market capitalization. Located in Frankfurt am Main, Germany, the Frankfurt Stock Exchange is owned and operated by Deutsche Börse, which also owns the European futures exchange Eurex and the clearing company...
in 2004. Deutsche Post retained a controlling stake of 50% plus one share until September 2008, when 30% of this was sold to Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
for €2.8 billion. Deutsche Bank gained a majority stake in the firm through a tender offer
Tender offer
Tender offer is a corporate finance term denoting a type of takeover bid. The tender offer is a public, open offer or invitation by a prospective acquirer to all stockholders of a publicly traded corporation to tender their stock for sale at a specified price during a specified time, subject to...
completed in December 2010, and intends to exercise first option
Right of first refusal
Right of first refusal is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party...
on a bid for the remainder of Deutsche Post's holding in 2012.
History
The Postscheckdienst was introduced in 1909 by the German Reich establishing accounts for payment transactions by mail and linking postal and banking services in German states.In 1990, following the German Postal Services Restructuring Act (Poststrukturgesetz) of 1989, the German Postal Service (Deutsche Bundespost
Deutsche Bundespost
The Deutsche Bundespost was created in 1947 as a successor to the Reichspost . Between 1947 and 1950 the enterprise was called Deutsche Post...
) was divided into three companies, Deutsche Post
Deutsche Post
Deutsche Post AG, operating under the trade name Deutsche Post DHL, is the world's largest logistics group. With its headquarters in Bonn, the corporation has 467,088 employees in more than 220 countries and territories worldwide and generated revenue of € 51.48 billion in 2010...
, Deutsche Telekom
Deutsche Telekom
Deutsche Telekom AG is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Europe....
and Postbank. Later that year, Deutsche Post Postbank of the former East Germany was merged with Postbank. From 1990 to 1997, Dr. Guenter Schneider was chairman of the board. The first board of Postbank consisted of Guenter Schneider, Rudolf Bauer and Bernhard Zurhorst.
On January 1, 1995, following the new postal reform legislation (Gesetze zur Postreform II) of 1994, Postbank became an independent, joint stock company
Joint stock company
A joint-stock company is a type of corporation or partnership involving two or more individuals that own shares of stock in the company...
. Postbank then extended operations, and engaged in loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s, insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and homes savings.
In 1999, Deutsche Post
Deutsche Post
Deutsche Post AG, operating under the trade name Deutsche Post DHL, is the world's largest logistics group. With its headquarters in Bonn, the corporation has 467,088 employees in more than 220 countries and territories worldwide and generated revenue of € 51.48 billion in 2010...
became the owner of Postbank. In that same year, Postbank acquired DSL Bank by the sale of the government's shares.
Postbank subsidiary easytrade began offering on-line brokerage services in 2000.
Postbank purchased BHF (USA
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
) Holdings Inc. in 2001.
By 2003, Postbank had 11.5 million customers, more than any other bank in Germany.
On January 1, 2004 the postal bank took over the transaction banking of the Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
and the Dresdner Bank
Dresdner Bank
Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt. It was acquired by competitor Commerzbank in December 2009.- 19th century :...
. From then on Postbank executed the clearing and settlement of Deutsche Bank and Dresdner Bank's payment transactions. This agreement strengthened the bank’s new business field "Transaction Bank" in the apron of the announced Initial Public Offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
.
The IPO
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
of Postbank on June 23, 2004 was the largest stock market launch in Germany for the past 2 years.
On October 25, 2005 Postbank announced its intention to acquire a 76.4 percent stake of the home financing specialist, Beamten Heimstätten Werk (BHW). With the acquisition of BHW Deutsche Postbank became Germany’s leading financial services provider for retail customers.
On January 1, 2006 the purchase of BHW Holding by Deutsche Postbank was concluded. Beyond that Deutsche Postbank took over 850 branches from Deutsche Post. Along with the change in ownership, around 9,600 employees switched employer, bringing Postbank's workforce to over 25,000 employees.
In October of 2010, Postbank put its Indian finance business up for sale.
Key figures
- Customers: 14.5 million
- Current accounts with on-line access: 2.13 million
- Deposits of securities with on-line access: 450,000
- Telephone Banking customers: 3.09 million
- Branches: 850
- Service-Center of BHW: 800