FRANKFURT (Reuters) – Deutsche Bank on Monday said that it had completed a fourth and final phase of a years-long technology integration process with Postbank.
Germany’s largest bank said it would result in cost savings in 2023 and 2024, with annual savings of 300 million euros ($326.52 million) from 2025.
Germany’s largest bank began acquiring Postbank, with its millions of clients and roots in the country’s postal system, in 2008 during the global financial crisis, but it has struggled to complete its integration.
Some customers did not have access to all services over the weekend as the bank completed the merger of its IT platforms with Postbank customers.
Deutsche will now begin to decommission Postbank hardware and software, contributing to the cost savings.
($1 = 0.9188 euros)
(Reporting by Tom Sims; Editing by Miranda Murray)
