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Deutsche Bank completes Postbank integration

Deutsche Bank AG has launched DB Privat- und Firmenkundenbank AG, its wholly owned private and commercial banking unit.

DB Privat- und Firmenkundenbank — the legal entity created by the merger of Deutsche Bank Privat- und Geschäftskunden AG and Deutsche Postbank AG — was entered in the German commercial register May 25, Deutsche Bank said in a May 28 statement, adding that the new legal entity marks the "biggest merger of two banks since the European Central Bank's single supervisory mechanism was established." The business will continue to operate the Deutsche Bank and Postbank brands.

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."