FRANKFURT (Reuters) – Deutsche Bank <DBKGn.DE> said on Thursday that it was making progress integrating its Postbank retail unit with its own in-house consumer bank.
In a 15-page presentation to journalists, the bank reiterated that it was on track to realize more than 900 million euros ($1.1 billion) in cost synergies by 2020 with an investment of 1.9 billion euros.
Deutsche Bank said that the two retail banks were likely to merge as a single legal entity by the second quarter of 2018, pending regulatory approval.
The combined retail unit is a major pillar of the German lender’s turnaround plan announced in March. Until then, Deutsche Bank had planned to sell Postbank to raise capital.
Labour unions have already threatened strikes because Deutsche Bank plans to cut an unspecified number of jobs and close some bank branches.
($1 = 0.8470 euros)
(Reporting by Tom Sims; Editing by Susan Fenton)