DGAP-Adhoc: Deutsche Postbank AG: Deutsche Post sells 29.75 per cent stake in Postbank to Deutsche Bank

Deutsche Postbank AG / Miscellaneous

12.09.2008 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
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Deutsche Post sells 29.75 per cent stake in Postbank to Deutsche Bank 

Deutsche Post has sold a minority stake of 29.75 per cent in Postbank to
Deutsche Bank for Euro 2.79 bn or Euro 57.25 per share. The acquisition of
this stake is subject to approval by regulatory and anti-trust authorities
and the German Government and will close in the first quarter of 2009.

In addition to the minority stake acquisition, Deutsche Post has granted
Deutsche Bank an option to acquire an additional 18.0 per cent of Postbank
for Euro 55.00 per share. This option can be exercised between 12 months
and 36 months after acquisition of the initial 29.75 per cent stake.
Moreover, Deutsche Post has granted Deutsche Bank a right of first refusal
for its remaining Postbank shares.
Deutsche Post has been granted a put option to sell its remaining stake of
20.25 per cent plus one share in Postbank to Deutsche Bank. Deutsche Post
can exercise this option between 21 months and 36 months after acquisition
of the initial 29.75 per cent stake at a price of Euro 42.80 per share.

Furthermore, Deutsche Bank with its 14 million clients in private and
business banking (thereof 9.7 million in Germany) and Postbank with its
14.5 million clients in Germany have agreed in principle to cooperate in
several areas including the distribution of home finance and investment
products. The cooperation is expected to have substantial revenue potential
for both partners and the companies will finalise details shortly.
Deutsche Bank’s and Postbank’s service offering, which together include by
far the biggest branch network in Germany, is highly complementary with
attractive opportunities for cross-selling of financial products.
Independently of the minority stake, both companies will continue to focus
on growing their respective operating businesses. Deutsche Bank’s
acquisition of a minority stake will have no impact on branches, jobs or
the brand of Postbank.

To further enhance the customer offering, Deutsche Post and Postbank intend
to extend their existing retail outlet cooperation beyond 2012.

Once the transaction has been closed the VAT group that currently exists
between Postbank and Deutsche Post will no longer apply. The preconditions
for that are the acquisition of a majority shareholding and the integration
of personnel. With the discontinuation of the VAT group, the provision of
certain services between Deutsche Post and Postbank will in the future be
liable to VAT. In this respect, we anticipate expenses of around €30
million per annum to be recognized in the income statement due to
non-deductible input VAT.






Contact:
Deutsche Postbank AG
Zentrale
Investor Relations
Friedrich-Ebert-Allee 114-126
53113 Bonn
Deutschland
Telefon: +49 (0) 2 28 9 20-1 80 01
Telefax: +49 (0) 2 28 9 20-1 80 09
E-Mail: ir@postbank.de








DGAP 12.09.2008 
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Language:     English
Issuer:       Deutsche Postbank AG
              Friedrich-Ebert-Allee 114-126
              53113 Bonn
              Deutschland
Phone:        +49 (0)228-920-18001
Fax:          +49 (0)228-920-18009
E-mail:       ir@postbank.de
Internet:     www.postbank.de
ISIN:         DE0008001009
WKN:          800100
Indices:      DAX, MIDCAP, PRIMEALL, CLASSICALLSHARE, CDAX, HDAX
Listed:       Regulierter Markt in Berlin, Frankfurt (Prime Standard),
              Hannover, Düsseldorf, Hamburg, München, Stuttgart;
              Terminbörse EUREX
End of News                                     DGAP News-Service
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