Deutsche Bank fined €8m over Postbank integration

Germany's financial regulator Bafin fined Deutsche Bank eight million euros over problems linked to the integration of Postbank, the smaller lender it took over.

Bafin said Thursday the fine included 5.5 million euros for being too slow to respond to customer complaints and 2.5 million euros for delays in transferring securities between banks.

The regulator said orders to transfer securities accounts should be executed without delay and within three weeks at the latest. Delays can leave investments such as shares or bonds in limbo while they move between banks, preventing customers from selling them.

Deutsche Bank said it accepted Bafin's decision. “We have thoroughly reviewed and resolved the issues associated with Postbank's IT migration to Deutsche Bank, which occurred several years ago,” a spokesman said.

Deutsche Bank acquired a controlling stake in Postbank before merging it into its consumer bank in 2018. It began integrating their IT systems in 2022. Bafin appointed a special representative to Deutsche Bank in September 2023 to oversee the integration after customer complaints.