ECONOMY

Deutsche Postbank takes 632 mln euros Greece hit in 2011

Deutsche Bank unit Postbank forecast «clearly positive» earnings for 2012 and 2013, as the German retail bank posted a 111 million euros ($147.9 million) net profit for 2011 on Wednesday.

Postbank said full year earnings were hit by a 632 million euros writedown on Greek sovereign debt.

Postbank’s earnings were already included in Deutsche Bank’s earnings which were released on February 2.

At the end of February, Deutsche Bank said it had accumulated 93.7 percent of the voting rights in Postbank, giving it access to Postbank’s retail deposit base, a valuable source of refinancing for Germany’s largest investment bank.

[Reuters]