Deutsche Postbank puts its Indian housing finance business on block: Reports
19 October 2010
Deutsche Postbank has put its Indian housing finance business on the block, in line with a global restructuring of the company.
According to a Business Standard report, Tata Finance, L&T Finance, Indiabulls and Religare were keen on acquiring Deutsche Postbank Home Finance Ltd, valued at around Rs15 billion. The newspaper cited unnamed investment banking sources to the effect.
The paper said Standard Chartered Bank had been roped in by Deutsche Postbank as its advisor and a formal auction process was under way.
German bank Deutsche Bank owns a little in excess of 30 per cent in Deutsche Postbank.
Postbank, which is being taken over by larger German rival Deutsche Bank, has been divesting businesses it held through its BHW unit.
It has already sold similar business units in Eastern Europe.
Bonn-headquartered Deutsche Postbank AG is a leading German retail bank formed from the demerger of the postal savings division of Deutsche Bundespost in 1990.