Deutsche Postbank
The German Postbank AG is a German financial institution with headquarters in Bonn. She is since 2010 a majority-owned by Deutsche Bank. Postbank is the name under which the company appears in public. She has been the second postal reform in 1994 with the Post Structure Act German commercial bank. Precursor of Postbank was the portion " German Federal Post Office POST BANK ", which had been in the post Reform of the " post office banks " ( " giro " later) and the " Postal Savings Bank offices " are formed. With the entry into force of the Postal Reform II was from the German Federal POSTBANK the German Postbank AG. Priorities of the Bank are the savings and retail business, but also she is house bank Deutsche Post.
- 4.1 Fees for savings
- 4.2 DAX passbook
- 4.3 Misuse of Customer Data
- 4.4 mis advising clients
History
The postal service was introduced in 1909 in the German Reich. Background was the need for a wide -ranging non-cash payments, the existing banking system at the time did not offer. Everyone was entitled to a giro account, cashless payment could be made from which. Transfers, check deposits and account statements were sent by post, so that no branch network was necessary for it. In this respect, Postbank is the oldest direct bank in Germany.
Mid-1980 the postal service has been renamed to the contemporary term " postal giro service " because the old term was highly in need of explanation and disadvantages in the wake of increasing competition brought in business with current accounts of banks. At that time an overdraft of the account ( bank overdraft ) was not possible in principle, at most, a negative balance of 500 to a maximum of $ 1000 was tolerated. Only for employees of the Federal Post Office was through cooperation with the postal savings and loan associations an overdraft facilities available.
A postal savings service was founded in 1883 in Austria and was introduced on January 2, 1939 as a result of the union of Austria with the German Reich far -reaching in March 1938. A saver was on all German post offices make deposits and withdraw money. The ways to withdraw was successively extended after the Second World War to other European countries, so that savers could be free in many European countries money from their postal savings pay in the local currency.
Postal reform
In 1989, the German Federal Post Office was divided into three relatively independent business units in the train of the first postal reform. The Post Bank changed its name from then on under the name " German Federal Post Office POST BANK ". You still wrapped from postal savings banks and postal checking service via the post offices. In 1994, the divisions were converted into stock companies and dissolved the German Federal Post Office.
From 1990 to 1997, Günter Schneider CEO (until 1994 as Chief of the Directorate General Postbank within the Federal Post Office) of Postbank. Then took over as CEO Dieter Boening to 1999. During the same year, the German Post AG acquired Postbank of the Federal Republic of Germany. Between 2000 and 2007 Wulf von Schimmelmann was chairman, in the summer of 2007, took over the office Wolfgang Klein. This in turn was replaced by Stefan Jütte in May 2009.
21st Century
2000 acquired Postbank DSL Bank.
In 2001, Postbank PB Factoring and thus rose to a factoring.
Since payment of postal savings abroad was expensive ( had to bilingual forms created and distributed together with appropriate instructions to foreign post offices ), it was (see below) replaced after the introduction of the savings card with a global validity thereof.
Since 1 January 2004, the Postbank took over the processing of payments for the German Bank and Dresdner Bank and outsourced to the operation center for banks ( BCB).
On 6 May 2004 announced Zumwinkel, former CEO of Deutsche Post AG ( owner of Postbank) with that Postbank go on 21 June 2004 to the stock market and up to 50 percent is sold minus one share in Postbank. The period in the first book-building phase on June 6 price range 31.50 to 36.50 Euro was changed to 28.00 to 32.00 euros on June 19 due to the low demand and the IPO on June 23 moved.
2005, the acquisition of BHW Holding AG was initiated. On 21 March 2005, the Postbank took over 9.2% of the shares in BHW Holding AG of the ERGO Insurance Group. On October 25 was completed with the holding company of the trade unions ( BGAG ) and dbb ( Civil Service Association ) signed an agreement to acquire a further 76.4 % stake in BHW Holding AG. This contract was completed on 2 January 2006, bringing the Post Bank held 91.04% of shares and hence the BHW Group successfully took over.
In early 2007, Postbank Vertriebsakademie GmbH was founded as the youngest daughter of Postbank. Thus, it brings together the educational activities at a central location and provides the qualifications of the consultant safely. Due to the expansion of the training focus on topics beyond the sales in July 2010 renaming in Postbank Akademie und Service GmbH.
The shares of Deutsche Postbank was from 18 September 2006 to March 20, 2009 part of the DAX at the Frankfurt Stock Exchange and then listed to 9 December 2010 at the MDAX.
In November 2008, 54.8 million new shares were issued in a capital increase. The gross proceeds of approximately € 1 billion. The new shares were acquired 99.3 % of Deutsche Post AG, so that their share in Postbank AG increased to approximately 62.3 %.
Entry of Deutsche Bank
Postbank instructed the U.S. investment bank Morgan Stanley to seek a merger partner. In September 2008, a takeover by the German bank was announced that forestalled the offer of the Spanish banking giant Santander. In a first step, the German bank wanted to participate with 29.75 per cent of Germany's largest retail bank. In the next twelve to 35 months, further 20.25 percent should be taken plus one share. The purchase of Postbank is rated more than 8 billion euros. The positive vote by post Supervisory Board was announced on 12 September.
In February 2009, the acquisition has been changed due to the financial crisis. The German bank took over, in a first step, 22.9% of the shares. At the same time the share purchase and sale options were between German bank and a German post MEB which is replaced after three years in 27.4% of Postbank shares, and agreed on further 12.1% of Postbank shares.
On 25 February 2009, the German post office announced that the first tranche ( 22.9 %) of the Postbank shares was transferred to the German bank. With additionally purchased on the stock market papers, the German bank as of 31 December 2009 on 29.88 % of Postbank shares. In November 2010, the German bank acquired the majority of shares and built this majority continuously. On 28 February 2012, she announced that since acquired the full share of Deutsche Post of 39.5 % by means of mandatory convertible bond and the put option of Deutsche Post and bought more shares on the open market to have, so that the share in Postbank now on 93.7 % amounts. On March 30, 2012, the Decision on the conclusion of a domination and profit transfer agreement between the German Postbank AG was announced as the controlled entity and DB Finanz -Holding GmbH as the controlling company, the mandatory approval of the shareholders of the German Postbank AG on 5 June 2012 followed.
Facts
In 2007, after the integration of BHW, Postbank had 22,000 employees plus 4,500 independent agents that are bundled in Postbank AG Financial Consultancy based in Hameln.
Here is a table for development of some Key Figures of Deutsche Bank:
In fiscal 2011, Postbank managed 5.01 million personal current accounts and 0.32 million accounts of companies.
Across Germany, Postbank conducts its own 1,100 branches and over 4,500 partner stores and 900 Beratungscenter Postbank financial advice. In addition, 3,000 are mobile consultants in use.
Postbank is since 1 July 2009 the main sponsor of the Bundesliga soccer team Borussia Mönchengladbach. The up to 2013 contract was prematurely extended until 30 June 2015, including a further extension option. The new agreement contains agreements on success fees and should have a maximum of a total of around 6.5 million euros per season - 4.5 million are, as before, guarantees, to which could be up to two million come through more sporting success.
Products, co-
The products include, in addition to the checking account and traditional savings account passbook, the savings card 3000 plus, the SparCard 3000 plus directly ( relatively high interest ), capital plus capital plus direct ( fixed deposit for at least 30 days, starting at 2,500 euros ), the quarter Savings ( relatively high interest rate, in quarters, in which capital remains from beginning to end ), and the DAX passbook.
In addition, Postbank offers securities trading ( brokerage), loans, money market accounts, mutual funds, mortgage lending, building society, insurance and retirement products.
Cooperations
The precursor of the cooperation within the country lay in the cooperation with the postal savings and loan associations (now PSD Bank ), which took over the financing of overdrafts on their giro accounts for employees of the Federal Post Office. This cooperation has been set as a result of postal reform and the mid-1990s.
Conventionally, the Postbank has worked with the Deutsche Post retail outlets, so there cash deposits and withdrawals can be made as at the bank counter. In some post offices Postbank chatted own or professional financial adviser. With the increasing abandon our own retail outlets of Deutsche Post, which today largely offers its services through agencies, many Postbank services are handled in these agencies. The larger branches operate today as " Postbank Finance Centers ", in which the German postal offering their services as a " lodger ".
On 21 September 2007, the HUK -Coburg and Postbank announced the completion of a long-term distribution partnership after mid-2007 before the entire insurance business of Postbank was sold to Talanx AG. As of October 2007, the sales of motor insurance HUK -Coburg launched in the branches of Postbank and the Internet. Since 2008, all distribution channels, Postbank exclusively distribute motor, liability and property insurance HUK- Coburg. Conversely provides the distribution of the HUK -Coburg exclusive banking products for retail customers of Postbank, for example, checking accounts, to.
Criticism
Fees for savings
On 1 January 2008, Postbank introduced a new fee structure. Since then fell for " savings accounts with three months' notice ", which were opened up in the 1990s, monthly account maintenance fee of 1.00 euros on, until the complete consumption of the credit. The hurdles to avoid these costs were Critics say not very high either a credit balance over 60 euros, or more than one account, or at least a deposit or withdrawal in the last five years, or the account holder is a minor. The change of these conditions remained unnoticed by many customers. The corresponding information was made shortly before the end of 2007 in a letter, which was very easy to get confused with advertising. The reference to the change in the fee structure was hidden deep in the text. Since 2013, this fee will not be charged in the accounts affected by the amendments, the remaining balance but was by this time already been dismantled.
DAX passbook
The product DAX passbook received massive criticism from consumer advocates, since it is not generated the returns suggested advertising. Thus, the investor should obtain the DAX savings account in addition to a base rate of half of the increase of stock market indices DAX. Only upon closer inspection and after crediting of interest arose, what this meant, namely that assumed in a linear DAX increase of 12% per year ( or about 1% per month), the investor is not about 6 % per annum, but only 0, 5% pa also received. This was because the calculation of the DAX bonus on a monthly basis. The increase of the DAX by 1% in a month thus not led to a bonus of 0.5 % per month, but only 0.5% per annum, which is about 0.042 % per month corresponded. The product is no longer sold since January 2010. Existing DAX passbooks leads Postbank however on. The conditions were deteriorating again: No more half, but only a quarter of the DAX - rise is taken into account.
Misuse of customer data
In May 2010, Postbank was sentenced to a penalty of € 120,000, because she had given freelancers its sales subsidiary to autumn 2009 Access to the account activity of their customers. The professional staff should evaluate the account information in order to thus offer customers tailor-made products. After the foundation had Warentest this in October 2009 criticized the Postbank blocked the access for the approximately 4,000 sales representatives.
Incorrect advice to clients
The Postbank is accused for years its customers and risky to have conveyed unsuitable for this fund investments. Many investors complain why. ZDFzoom researched for Postbank and sent on 2 October 2013, the documentary " The Wrong Consultant". Older customers who expressly wanted a safe investment were instead selling high-risk products. To protect itself, the consultants could sign the counseling records blanco. Then was then introduced that the customer is a speculative investor and was aware of all the risks.
Clearing codes
The bank codes of Postbank have a special feature: The last two digits represent the first two digits of the old ( West German ) four-digit zip code of the town is ( exceptions to this are the savings branches in Hamburg and Munich, where the first post code digit is doubled, the Leipzig branch as well as the " Gf FK " bank codes in Saarbrücken). Overall, Postbank is divided into 14 offices. Another special feature are for Postbank at the points 4-6 bank code basically the digits 100 Reserved (except Easytrade BLZ). The series of numbers is not awarded by the Deutsche Bundesbank from other financial institutions. For customers of " direct banking " There are no separate bank codes. These customers are distributed to institutions in different cities.
Shareholder
In November 2010, the German bank acquired a majority stake in Postbank. Following the acquisition of all shares of Deutsche Post until the end of February 2012, the shares are distributed as follows:
As of December 31, 2012