The biggest German bank, Deutsche Bank is going to acquire a 29,75% share of Postbank for nearly EUR 2,8 B, according to an announcement made by both companies.

This way Deutsche Bank becomes the bigger shareholder of Postbank, 50% of which currently belong to Deutsche Post.

The deal is going to be closed during the first trimester of 2009, pending approval. The estimated value of Postbank is over EUR 9 B.

Deutsche Bank is the biggest German bank by the value of its assets while Postbank has the most customers in the area of small banking.

This is just one of the several big deals in the German banking sector. Just two weeks ago, the second largest bank in Germany Commerbank AG purchased Dresdner Bank from Allianz.