Deutsche Bank AG
DB Privat- und Firmenkundenbank — the legal entity created by the merger of Deutsche Bank Privat- und Geschäftskunden AG and Deutsche Postbank AG
Frank Strauß, Deutsche Bank's head of private and commercial bank, said the new unit's digital platform will be expanded to include new products and services that go beyond traditional banking. Initial details of the plan will be disclosed in the fourth quarter.
The ECB has granted Deutsche Bank a capital waiver that will enable it to better manage liquidity across the new unit and its other businesses. DB Privat- und Firmenkundenbank also obtained a pfandbrief licence, which allows it to continue operating Postbank's pfandbrief business with mortgage pfandbrief and public-sector pfandbrief.
Additionally, Deutsche Bank obtained all necessary resolutions and approvals to extend the legal decree of Postbank to the new legal entity as its legal successor, authorizing the bank to employ former public servants. Deutsche Bank said it has reached agreement with trade union representatives on key issues to ensure that "the necessary job reductions are carried out in a socially responsible manner."
