On Wednesday Deutsche Postbank AG presented Postbank Financial Services GmbH (PFS) to journalists in Frankfurt. At the same time the bank also announced that it was transferring its business area Money, Foreign Exchange and Capital Markets from Bonn to Frankfurt. According to the Chairman of the Management Board, Prof. Dr. Wulf von Schimmelmann, these measures are intended to focus and further the bank’s expertise in portfolio and asset management. The bank will then be able to offer its customers better products and ultimately increase its commission income. Postbank intends to establish itself more strongly as one of the top addresses on the money and capital markets. It also intends to further advance the success of its trading activities.
With the foundation of PFS, Postbank has founded a competence centre for financial investment consulting within the Postbank Group. The key responsibilities of PFS include consultancy to all public and special funds, as well for the entire asset management activities of Postbank. However, PFS also assists with the design of financial products for its 10 million retail customers. As von Schimmelmann stated: ”We can sort out a not unimportant side-aspect in passing. In Frankfurt we can access what is still the most potent recruitment market for bankers in Germany. With this in mind, the timing is perfect as the recruitment market has come under severe pressure through the difficult market development.”
With over EUR 33 billion total deposits, Postbank is currently achieving new records daily. The DAX savings book, in particular, contributes to this record result with EUR 1.2 billion. ”Our very successful savings business is, however, not a blank cheque for the future,” states von Schimmelmann. According to von Schimmelmann, the securities business at Postbank is therefore to become a substantial growth motor and earnings contributor. ”This is why we are currently investing in the further development of our funds business. We intend to raise the funds volume from the current EUR 2.9 billion to EUR 4.4 billion in 2005.”
Postbank Easytrade to be more closely linked to Postbank
According to the Chairman of the Management Board, the way to achieve this goal is by optimising and systematising consultation and achieving a better link between the branches and online distribution channels. ”To do this, we will also connect our direct broker Postbank Easytrade more closely to Postbank by the end of the year.” Postbank can then offer its 450,000 securities account holders securities business from one source. With a single current account and uniform PINs and TANs, customers will be able to process their money and securities business ”easily and at a reasonable price”.
”Even the subject of third-party funds is not anathema,” states von Schimmelmann. Apart from the Postbank investment funds, Postbank intends to also include the best products of other well-known providers in the near future. The customers stand to benefit from this as they have the best choice. The benefit for Postbank: time and money required for the development of products for sub-markets, very intensive with regard to product creation and management, do not apply.
