Germany's Deutsche Bank changes tack on Postbank unit as part of new strategy



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BERLIN — Germany's Deutsche Bank AG says it plans to "deconsolidate" its Postbank retail banking unit, in which it has held a majority since 2010.

Germany's biggest bank said after its supervisory board met Friday that it also envisions investing in its transaction banking, asset and wealth management and retail businesses. It said it will announce details Monday. German news agency dpa cited a bank spokesman as saying the company plans to at least reduce its Postbank stake to below 50 percent.

The bank said it will "continue to redesign its operating and governance models to achieve greater efficiency and a more robust control environment."

Deutsche Bank agreed this week to pay $2.5 billion to U.S. and British authorities over the manipulation of benchmark interest rates.

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