Deutsche Bank launches growth program
Deutsche Bank AG announced a new growth program on Thursday that will target private and business clients.
By Agencies |
FRANKFURT: Deutsche Bank AG announced a new growth program on Thursday that will target private and business clients. The company said it would open around 400 more branches by 2012, and that staff would grow as a result.
Some 150 of the new branches will be opened in Germany and the rest across Europe, Deutsche Bank said in a statement. It expects to add 2,500 ``advisory positions'' as a result over the next four years.
With the new program, Deutsche Bank said it hopes to see pre-tax profit for the private and business clients segment to increase from the euro1.1 billion ($1.5 billion) last year to euro2 billion in 2012.
Additionally, the bank will invest in building up a ``competitive European consumer banking franchise.''
``We will strengthen our market leadership in our German home market, strongly expand our European business and invest in our advisory activities,'' said Rainer Neske, head of private and business clients and a member of the bank's executive committee.
``With this program, we are creating the basis for sustainable and profitable growth. We want to be the best bank with the best product and service offering at each of our locations,'' Neske said.
Deutsche said it anticipated further growth through its acquisition of a 30 per cent stake in Postbank, announced in September. Postbank is Germany's largest retail bank by locations and has around 15 million customers.
The Postbank deal, which was valued at euro2.79 billion ($3.9 billion) in cash, is expected to close in the first quarter of 2009. Deutsche Bank has an option to buy another 18 per cent of the Postbank for up to three years after the first part of that deal closes.
Shares of Deutsche Bank were trading up 6.5 per cent at euro41.45 ($56.79) in Frankfurt morning trading on Thursday.
Some 150 of the new branches will be opened in Germany and the rest across Europe, Deutsche Bank said in a statement. It expects to add 2,500 ``advisory positions'' as a result over the next four years.
With the new program, Deutsche Bank said it hopes to see pre-tax profit for the private and business clients segment to increase from the euro1.1 billion ($1.5 billion) last year to euro2 billion in 2012.
Additionally, the bank will invest in building up a ``competitive European consumer banking franchise.''
``We will strengthen our market leadership in our German home market, strongly expand our European business and invest in our advisory activities,'' said Rainer Neske, head of private and business clients and a member of the bank's executive committee.
``With this program, we are creating the basis for sustainable and profitable growth. We want to be the best bank with the best product and service offering at each of our locations,'' Neske said.
ADVERTISEMENT
Deutsche said it anticipated further growth through its acquisition of a 30 per cent stake in Postbank, announced in September. Postbank is Germany's largest retail bank by locations and has around 15 million customers.
The Postbank deal, which was valued at euro2.79 billion ($3.9 billion) in cash, is expected to close in the first quarter of 2009. Deutsche Bank has an option to buy another 18 per cent of the Postbank for up to three years after the first part of that deal closes.
Shares of Deutsche Bank were trading up 6.5 per cent at euro41.45 ($56.79) in Frankfurt morning trading on Thursday.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
