deutsche bank ag

Deutsche Bank AG has agreed to buy a 29.75 percent stake in Postbank, Germany's biggest retail bank, from Deutsche Post AG for about $3.9 billion in cash.

Deutsche Bank AG agreed to buy a 29.75 percent stake in German retail bank Postbank from Deutsche Post AG for almost $3.9 billion, the second major consolidation in the nation's banking sector since August.

Deutsche Bank AG, confirming market rumors and conjecture, said that it is in what it called advanced talks with Deutsche Post about taking a stake in Postbank, Germany's largest consumer retail bank.

Germany's largest bank also said it had signed an agreement with Russia's UFG Asset Management to create a strategic partnership and promote business cooperation in Russia.

Deutsche Bank AG, confirming market rumors and conjecture, said that it is in what it called advanced talks with Deutsche Post about taking a stake in Postbank, Germany's largest consumer retail bank.

"In the first quarter of this year, financial market conditions were the most difficult in recent memory.

In the month of March, pressure on the banking sector was more intense than at any time since the current credit downturn began"

Deutsche Bank AG said Tuesday that it wrote down $4.2 billion during the first quarter, pushing Germany's biggest bank to its first quarterly loss since 2003 amid trading losses, lower revenue and global market jitters.