Postbank to Go Public in Autumn 2004

Germany's Postbank, a Deutsche Post subsidiary, plans to make an initial public offering in autumn 2003. Deutsche Post CEO Klaus Zumwinkel said on Monday the bank would enter the stock market within 18 months and that next fall would be "most likely." Deutsche Post would retain majority holdings in the bank, Zumwinkel said, adding that the bank was worth more than €5 billion ($5.8 billion). He estimated Deutsche Post would earn around €2.5 billion from the IPO.