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11 May 2004

But it is unlikely to revive the moribund German banking industry. Such a marriage would satisfy Gerhard Schroeder’s desire for an eyecatching initiative before the summer break.

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Deutsche Bank's executive committee will on Tuesday consider making an offer for Postbank, Germany's largest retail bank, which has 11.5m customers.

Postbank, which is a subsidiary of Deutsche Post, last week announced plans to list on the Germany stock market on 21 June. The IPO is being handled by Deutsche and Morgan Stanley.

Talks between Deutsche and Deutsche Post are said to have been encouraged by the German government, which is keen to see the creation of a German national banking champion. Gerhard Schroeder, the German chancellor, last week criticised the country's banks for failing to merge.

Bankers said Deutsche was likely to make an allcash offer for Postbank in order to avoid the German state ending up with a minority shareholding in the bank. It is also likely to offer less than the E6bn price tag Klaus Zumwinkel put on Postbank in February, according to reports.

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