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Deutsche Bank launches growth program: 400 new branches |
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Written by George Frey, THE ASSOCIATED PRESS
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Sunday, 12 October 2008 |
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FRANKFURT, Germany - Deutsche Bank AG announced a new growth program Thursday that will target private and business clients.
The company said it will open around 400 more branches by 2012. About 150 of the new branches will be in Germany and the rest across Europe, Deutsche Bank said in a statement.
It also expects to add 2,500 "advisory positions" over the next four years.
With the new program, Deutsche Bank said it hopes to see pretax profit in its private and business clients segment increase from 1.1 billion euros last year to two billion euros 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."
Deutsche Bank anticipates 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 15 million customers.
The Postbank deal, valued at 2.79 billion euros in cash, is expected to close in the first quarter of 2009.
Deutsche Bank has an option to buy another 18 per cent of Postbank for up to three years.
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Last Updated ( Sunday, 12 October 2008 )
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