Postbank to handle HSH Nordbank's payment transactions

Thu. June 04, 2009; Posted: 08:36 AM

Jun 04, 2009 (Datamonitor via COMTEX) -- DEUPF | Quote | Chart | News | PowerRating -- Germany-based Deutsche Postbank Group has signed an agreement with HSH Nordbank to handle the payment transactions.

As a result of the transaction, Postbank's transaction volume is expected to increase by 430 million transactions per annum to around eight billion.

Postbank has said that its subsidiary Betriebs-Center fur Banken (BCB) will take over the payment transactions of HSH Nordbank in several stages. By the end of 2010 all domestic and foreign payment transactions will be running on BCB's IT platform.

The company has also said that HSH Nordbank's payment transaction employees will be taken on by BCB. Nothing will change for HSH Nordbank's clients. They remain the clients of their bank and their contact persons will stay the same. The agreement is subject to approval by the authorities.

Mario Daberkow, Postbank's management board member responsible for transaction banking, said: "By systematically industrializing our transaction business we have reached a cost level that was virtually unimaginable across the sector a few years ago. I am pleased to see that for the first time an institution from the public sector is taking advantage of this benefit."

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