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Business

Deutsche Post Rejects Postbank Sale

Speculation that Deutsche Bank, Germany's largest financial institution, could take over Postbank was quashed Thursday. Deutsche Post's board of director declared in a statement in Bonn it would retain majority control of Postbank, the postal service's banking unit. The bank is still scheduled to be floated on the stock market on June 21, the statement said. Neither credit institutions nor strategic investors would be issued larger packets. German Chancellor Gerhard Schröder has been lobbying for the creation of a large German bank that could be an international player in German foreign investments. The German government controls around 60 percent of Deutsche Post.

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