In a major German business development, Deutsche Bank AG has agreed to buy almost 30 percent of Postbank, Germany's biggest retail bank.
The Deutsche Post AG is selling more than half of its share in its banking subsidiary for a 2.8 billion euro cash payment. Deutsche Bank is the largest private banking institution in Germany and said the deal should be completed by the first quarter of next year. However, the sale must first be approved by anti-trust regulatory authorities. The plan will make Deutsche Bank the major shareholder in Postbank, which is currently valued at more than nine billion euros.
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