German banking group Deutsche Bank has wrapped up its merger with DB Privat- und Firmenkundenbank.

The merger, a key part of Deutsche Bank’s transformation, was concluded with the migration of technical systems.

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It involved the complete migration of balance sheet items, business assets, clients, and staff to Deutsche Bank.

The move is aimed at cutting costs and boosting profitability.

“The change of legal form enables Deutsche Bank to cut costs significantly, because of the elimination of some of the infrastructure functions and the governance tasks that were retained in both Deutsche Bank AG and DB Privat- und Firmenkundenbank AG and that were executed specifically for the respective legal entity,” Deutsche Bank noted.

The merger is said to lower refinancing and administrative costs as well as simplify corporate governance.

DB Privat- und Firmenkundenbank employees moving to Deutsche Bank will continue to serve under their existing employment terms.

Deutsche Bank Group will serve as the authorised employer of Postbank’s civil servant personnel.

DB Privat- und Firmenkundenbank clients will not be affected by the consolidation.

The prices or products, client support, or the volume of services will also remain unaffected.

Manfred Knof will continue to serve as the head of Private Bank Germany and Stefan Bender as the head of Corporate Bank Germany.

Deutsche Bank president and head of Private Bank Karl von Rohr said: “Today we have completed one of the biggest bank mergers in the history of the Federal Republic of Germany seamlessly and as scheduled.”