Bloomberg News
FRANKFURT - Deutsche Bank AG's retail and real estate units will join forces to sell mortgages to private clients in a bid to attract more customers and cut costs.
Mortgage sales to retail clients will be bundled at the retail unit, Deutsche Bank 24, which will link its Web page to that of the realty unit, Eurohypo.
Deutsche Bank 24 will market Eurohypo products to its clients, while Eurohypo customers will get access to Deutsche Bank 24's banking services.
"We bring in the customers, Eurohypo brings the products," Herbert Walter, chief executive of Deutsche Bank 24, said in a statement.
Deutsche Bank, which has more than 10 million retail customers in Europe, including 350,000 mortgage customers, is reorganizing its retail and online operations and will combine its European retail units with Deutsche Bank 24. The bank plans to reduce branches in Germany and pursue online banking clients instead.
Eurohypo will merge its 24 German branches with Deutsche Bank 24 branches. The two units will also integrate their Web pages, the bank said.
Eurohypo, of Frankfurt, has 120,000 retail clients and $11.7 billion of assets in Germany.
