Deutsche Bank to review strategy and may sell Postbank network
By Thomas Atkins
FRANKFURT (Reuters) - Deutsche Bank AG (DBKGn.DE: Quote) will review its strategy and profit targets next year and may sell its Postbank-branded DPBGn.DE retail unit, in a major reversal as a hoped-for turnaround in profitability slips out of reach.
The bank said on Thursday it would update strategic targets in 2015 as its three-year-old plan came to an end, heralding an overhaul of the roadmap that aimed to make it Europe's last investment bank with a global footprint.
The bank's comments come after Manager magazine said Deutsche was considering a possible Postbank sale. Two people close to the bank's strategic thinking, who declined to be named, confirmed it was mulling the sale of the retail network.
Germany's biggest lender said it would be irresponsible to speculate on the sale of any business and declined further comment.
The magazine said big shareholders including the Qatari royal family, with 5.8 percent, had expressed displeasure with progress in the group's turnaround led by co-Chief Executives Anshu Jain and Juergen Fitschen.
No-one could be reached for comment at the public relations agency which deals with matters relating to the Qatar royal family.
Manager said the shareholder disquiet could lead Deutsche to make changes including the sale of its Postbank division, purchased between 2008 and 2009. Spain's Banco Santander (SAN.MC: Quote) would be an interested buyer, the magazine said.
Santander declined to comment. Continued...