For the first time since its IPO in 2004, Deutsche Postbank AG is to stage its Annual General Meeting in the German banking capital of Frankfurt am Main instead of in Cologne as in the years before. Just under a thousand shareholders are expected at the Jahrhunderthalle in the Hoechst district of Frankfurt. Among the items on the agenda are elections for several seats on the Supervisory Board: Dr. Tessen von Heydebreck and Werner Steinmüller are proposed for election to the Supervisory Board as new shareholder representatives. Wilfried Boysen, Henry Cordes, Dr. Peter Hoch and Professor Dr. Ralf Krüger stand for re-election, likewise as shareholder representatives. Other proposed resolutions aim to uphold the Bank's flexibility in what continues to be a difficult business environment: Both the authorisation to repurchase shares – a standard practice in Germany – and the authorisation to further increase the Bank's share capital serve to maintain Postbank's leeway.

Postbank expects that the financial market crisis will lastingly change people's basic understanding of the banking business. “This will mean a return to a back-to-basics philosophy of banking encompassing all aspects of the business – products, consulting, prices, etc,” says Dr. Wolfgang Klein, Chairman of the Management Board of Bonn-based Postbank in his speech to shareholders. “Banks will again have to draw closer to their customers in the truest sense of the word, among other things to win back the trust that has been lost.” Klein is confident that Postbank is on the right track toward a post-crisis banking model: “We have everything the bank of the future needs. Postbank does not have to reinvent itself.” Postbank plans to expand its strong position in the customer business, in costs, products and sales approach alike. Klein: “Due to the financial crisis, customers are demanding less complex, more transparent products from their banks. We will address this need.”

Postbank aims to further reduce its capital market risks and enhance earnings quality. As part of an action programme launched back in autumn, Postbank plans to continue actively reducing its risk positions through 2009 although, unlike in 2008, without significantly affecting the income statement. “We have learned from the impacts of the financial market crisis on our business and will continue to systematically see through our action plan to improve earnings quality and our risk profile,” says Klein. In new investment, the Bonn-based bank plans to further step up its established focus on low-risk choices such as government bonds and Pfandbriefs. In light of the 2008 loss and the persistently difficult business environment, the Management Board and the Supervisory Board are not proposing a dividend distribution.

Postbank had a successful first quarter in its operating customer business. The Bank achieved particularly strong growth in its savings business, boosting holdings to well over €50 billion. Klein cited further special factors affecting the earnings situation. In the last few days of March in particular, the ratings downgrade is likely to have resulted in a noticeable adverse impact from the structured loan portfolio. The Bank also expects a positive first-quarter impact regarding the tax position, however, enabling it to report a post-tax profit again for the first quarter. Klein was confident that the impacts of the financial market crisis peaked in the fourth quarter of 2008 and that the trend is now slowly turning. Postbank is to present final figures for the first quarter of 2009 on 5 May 2009.