Further consolidation will happen only slowly: the sale of Postbank by Deutsche Post is the likeliest next milestone.

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Where there is potential for a deal, it is our responsibility to examine it carefully, as we did with Postbank.

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Three other exchanges, run by Cortal Consors, Postbank and Eurosport, are careful not to muddy the waters in this way.

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The takeover of Postbank also highlights Deutsche Bank's decision to rely less on investment banking revenues in the face of a tougher regulatory environment.

FORBES

The big flotation scheduled for this year, however, is that of Postbank, a subsidiary of Deutsche Post that is Germany's most successful retail bank.

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After the developer failed to repay a loan, the bank involved - Deutsche Postbank AG - appointed Savills to re-market the entire site and project.

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Postbank is reputed to have the biggest and best retail-banking operation in Germany, but most of its 11m account holders are unlikely to want the additional, fancy services touted as a source of Postbank's future growth.

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But Germany's Postbank can transfer money almost anywhere in the world within two working days for only a nominal fee, and at no cost to the recipient (if there is a postal- banking system in the receiving country).

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