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Deutsche Bank backtracks on plan to launch own digital retail bank in 2018

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Deutsche Bank backtracks on plan to launch own digital retail bank in 2018

Deutsche Bank AG has abandoned its plan to launch a digital retail bank by the end of 2018 and will seek to develop a platform offering instead, Reuters reported May 29, citing a spokesman for the German group.

Deutsche Bank has just completed the merger of its retail banking arm Deutsche Postbank AG and its private and commercial banking unit. According to the original plan from October 2017, the new division was to expand to a fully fledged digital bank.

Strong competition from the likes of ING-DiBa AG, comdirect bank AG and Deutsche Kreditbank AG, all of which have long-standing and well-established online retail banks, may have been the reason for Deutsche Bank's decision to change its plan, according to Reuters.

The group will now seek to develop an online platform offering a variety of banking products and services that will also refer customers to other providers of such services. Other banks have also started to refer clients to third-party providers given the growing presence of fintech companies, Reuters said.

Deutsche Bank has taken another turn in its overall strategy by deciding to resize its investment banking business and reduce its share in group revenues, by pivoting more towards retail banking and asset management.