2023-10-02 18:01:11
Germany’s leading bank Deutsche Bank has been placed under supervision by a special representative of the financial supervisory authority Bafin while it resolves the chaos linked to the integration of the bank accounts of its subsidiary Postbank, Bafin announced on Monday.
This special representative must “ensure that the establishment quickly and completely eliminates restrictions in customer service at Postbank and DSL Bank branches“, according to a Bafin press release.
Thousands of complaints have been filed against Postbank and its parent company Deutsche Bank since the merger of their IT systems led to delays and blocking of accounts for customers.
After having already warned the banking giant at the start of the month, Bafin instructs its representative to ensure that “client orders are processed within a reasonable time and client orders that have not yet been processed are processed promptly“.
He will have to report on the progress made.
Launched in several phases since the start of 2023, the transfer of Postbank accounts to the IT system of Deutsche Bank, its parent company for fifteen years, has proven to be pharaonic with no less than 15 billion entries to be processed for 12 million customers.
Thousands of customers of Postbank, a former subsidiary of the German Post Office, have complained of no longer being able to access their accounts, of seeing their accounts blocked or their direct debits not honored. Customer service was difficult to reach or unable to resolve issues.
Deutsche Bank boss Christian Sewing said in September that the group would need the rest of the year to make up for all the delays.
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