Deutsche Bank (DBKGn.DE) will sell Postbank (DPBGn.DE) but keep a pared back own-brand retail business in the overhaul plan currently favored by management, sources familiar with the internal discussions at Germany's biggest lender said. Only two management board members support dumping all retail activities, with the other six favoring just selling Postbank, the sources told Reuters, speaking on condition of anonymity as the matter is not public. Seven years after the financial crisis started, Deutsche is looking to overhaul its business after falling far short of its return-on-equity targets and suffering a string of regulatory fines and legal challenges. The choice to keep most retail operations and offload only Postbank, which Deutsche bought in steps for about 6 billion euros ($6.5 billion) starting in 2008, is a concession to credit rating agencies concerned a complete retail exit would raise Deutsche’s risk profile and cost of funding, the sources said.
via Business News http://ift.tt/1IVpuGM
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