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German finmin Steinbrueck welcomes Postbank deal

Fri Sep 12, 2008 7:37am EDT

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NICE, France, Sept 12 (Reuters) - German Finance Minister Peer Steinbrueck said he welcomed the sale of a minority stake in Deutsche Post's (DPWGn.DE) Postbank (DPBGn.DE) unit to Deutsche Bank (DBKGn.DE) and said he saw the need for further consolidation in the German banking sector.

"I welcome this development very strongly," Steinbreuck told reporters at the margins of a meeting of European finance minsters in Nice, France, on Friday.

(Reporting by James MacKenzie)



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