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Deutsche Bank to transform Postbank into mobile-first institution by mid-2026
Deutsche Bank to transform Postbank into mobile-first institution by mid-2026 By Investing.com
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EditorRachael RajanStock Markets
Published Oct 31, 2023 03:42PM ET
© Reuters.
Deutsche Bank is set to close 250 underperforming Postbank branches and transform the remaining ones into a mobile-first institution by mid-2026. This decision follows the renegotiation of a contract with Deutsche Post (OTC:DPSGY), the former owner of Postbank. The plan involves halving the current number of Postbank branches from 550 to nearly 300. Of these, about 100 will transition into a new format dedicated to on-site customer services, while the remaining 200 will continue to offer traditional postal and parcel services.
The head of private banking at Deutsche Bank, Claudio de Sanctis, disclosed the bank’s strategy in response to growing digital retail banking demands. He also announced that Deutsche Bank would downsize its own branches as part of a broader strategy to sustain a “streamlined branch network,” he reported to Handelsblatt.
These changes come after Deutsche Bank acquired additional Postbank shares in 2010, pushing its stake over 50%. However, the integration of Postbank into Deutsche Bank’s systems experienced some difficulties, leading to the appointment of a supervisor by the financial regulator to address customer service issues.
The transformation of every third remaining branch from offering postal services to becoming exclusive bank branches is part of this new agreement. By doing so, Deutsche Bank aims to transition Postbank into a mobile-first institution and maintain a more efficient branch network.
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Deutsche Bank to transform Postbank into mobile-first institution by mid-2026
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