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Wanda Group says not in touch with Deutsche Postbank on acquisition plans
February 13, 2017 / 8:14 AM / in 10 months

Wanda Group says not in touch with Deutsche Postbank on acquisition plans

HONG KONG, Feb 13 (Reuters) - Dalian Wanda Group, owned by China’s richest man Wang Jianlin, denied on Monday that it was in touch with Germany’s Deutsche Postbank on acquisition plans.

The Financial Times reported earlier in the day that Wanda now has set its sights on banks in Europe, including Germany’s Postbank, citing two people familiar with the matter, as it diversifies away from its core real estate business.

The report added that the company’s hunt for financial assets was at an early stage, but they have not officially approached Postbank.

Wanda later issued a statement saying the report about it acquiring Postbank is inaccurate, and “Wanda and Deutsche Postbank have not been in touch”.

Deutsche Bank, which bought Postbank in several steps from 2008 onwards for 6 billion euros ($6.5 billion), had earmarked the unit for sale in a bid to shrink its balance sheet. (Reporting by Clare Jim; Editing by Sherry Jacob-Phillips)

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