Banking giant Deutsche Bank to close a quarter of German branches

Banking giant Deutsche Bank has announced its intention to close nearly 200 branches in Germany, citing an austerity drive and customers shifting to online banking as reasons for the move.

According to a list published on the bank's website on Sunday, more than a quarter of Deutsche Bank's branches across Germany - 188 of 723 - will be closed or "merged into bigger locations," with the state of North Rhine-Westphalia the most heavily affected.

The move is part of an austerity drive by the bank, whose share price has plummeted since the beginning of 2016 and whose market valuation has fallen to about 18 billion dollars.

Christian Sewing, head of private and commercial clients at Deutsche Bank, told dpa that the closures were linked to customers' increased focus on online banking and that the bank would invest 750 million euros (829 million dollars) in its digital offering by 2020.

In June, the bank announced its intention to cut some 3,000 positions in Germany, of which 2,500 would affect the private and commercial clients division.

Last update: Mon, 18/07/2016 - 10:38
Author: 

More from Business

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European...

Freight train from China crosses 12,000 kilometres to London

The first Britain-bound freight train from China arrived in London on Wednesday, completing an 18-day trip across...

US prosecutors finalize 7.2-bln-dollar settlement with Deutsche Bank

The US Justice Department announced a 7.2-billion-dollar settlement Tuesday with Deutsche Bank over allegations that...

General Motors announces 1-billion-dollar investment in US workforce

General Motors will join other carmakers in opting to invest and hire inside the United States, the company...

Tobacco giant BAT agrees to 49-billion-dollar takeover of US rival

British American Tobacco Plc on Tuesday said it has finalized a deal to acquire 57.8 per cent of shares of US rival...