FRANKFURT (Thomson Financial) - Members of the Ver.di labour union are preparing to voice their opposition to a possible sale of Deutsche Postbank AG at the supervisory board meeting of its parent company Deutsche Post AG on Monday.
'A healthy company, like Postbank which makes one bln eur pre-tax profit, can exist by itself and should exist by itself,' Gerd Tausendfreund, Ver.di member on Postbank's supervisory board told Euro am Sonntag.
The union said it expects if the bank were sold or merged with another bank there would be likely job cuts. Above all, the IT department at Germany's largest bank would probably be hardest hit, the newspaper said.
Tausendfreund said the entire part of the supervisory board which represents workers is against a sale.
'The workers council and the union are definitely against this,' he said.
Deutsche Bank AG and Commerzbank AG have already indicated their interest in buying Postbank should it be sold. In addition, speculation has been raised that Allianz SE's unit Dresdner Bank might be interested. Postbank's parent company Deutsche Post has said it would decide on selling or merging the unit by the middle of this year. Tyler.Sitte@thomson.com ts/ejp COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.