The German financial regulator has said that it will appoint a special monitor to Deutsche Bank to oversee its handling of consumer service problems at its retail banking unit Postbank.
The Federal Financial Supervisory Authority (BaFin) said that recent disruptions experienced at Postbank were “unacceptable,” with customers struggling to reach support and experiencing long processing times.
Deutsche Bank in July said that it had completed a years-long technology integration with Postbank, over a decade after first acquiring the former savings division of Deutsche Bundespost.
Last month however BaFin said that it had seen "considerable disturbances" at Postbank in the months since and has now decided to install a monitor within the business.
In a statement, BaFin said of the monitor: "He will focus on ensuring that customer orders are processed within a reasonable period of time and that customer orders that have not yet been processed are handled quickly.”
This is the second time in the past half decade that BaFin has found it necessary to place a monitor at Germany’s largest bank. There has been a monitor at Deutsche Bank overseeing money laundering controls since 2018.
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