Deutsche Bank to Close Norisbank Branches, Move Online, FTD Says

Deutsche Bank AG plans to close its Norisbank unit’s 100 branches and move the business online, the Financial Times Deutschland reported in a preview of an article to be published tomorrow. .

The 400 employees at the unit who will be affected will be integrated into the branch network of the affiliated Postbank unit, the newspaper said, citing unidentified people at Deutsche Bank

Customers will be able to choose if they want to remain with Norisbank’s online operation or move to Postbank, the FTD said.

Deutsche Bank spokesman Michael Lermer told Bloomberg News by telephone that a co-operation agreement has been signed between Norisbank and Postbank and negotiations with employee representatives have been scheduled.

To contact the reporter on this story: Alex Webb in Frankfurt at awebb25@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net

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