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Deutsche Bank Takes Over Norisbank for 420 Million Euros

DW staff / AFP (tt)August 4, 2006

Deutsche Bank announced on Friday it was taking over consumer credit specialist Norisbank, currently owned by cooperative banking giant DZ Bank, for 420 million euros ($537.6 million).

https://p.dw.com/p/8u1i
Deutsche Bank headquarters in FrankfurtImage: AP

Deutsche Bank, the biggest German bank, has won the race to buy Norisbank against competition from German rival Commerzbank and US bank Citibank, according to German press reports.

Deutsche Bank had reportedly walked out of talks with DZ Bank before coming back into the running, German newspapers reported.

Frankfurt-based Deutsche Bank is counting on Norisbank's 98 branches and 334,000 customers to strengthen its consumer credit business, it said in a statement.

As part of its efforts to beef up its consumer operations, Deutsche Bank also acquired Berlin-based Berliner Bank in June.

With this new acquisition in Germany, Deutsche Bank is keen to show its commitment to its home market, bank CEO Josef Ackermann said in a statement.

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