Countdown for Postbank IPO Begins

The Postbank, Germany’s largest financial services provider with more than 11 million customers, is sticking to its timetable for going public. Despite tough market conditions, there is no reason to postpone the scheduled offering for this fall, said a speaker for the bank, which is a subsidiary of the logistics giant Deutsche Post. The mother company is planning to float 49 percent of Postbank stock estimated to be worth about 2.5 billion euros.