Deutsche Bank on Monday confirmed that it will close nearly half of all Postbank branches in the next three years.

A spokesperson said that the bank plans to reduce the number of branches from 550 to around 300 by mid-2026, confirming comments made by the firm’s new hear of private banking Claudio de Sanctis in an interview with the Financial Times.

Deutsche Bank acquired Postbank in 2008 during the global financial crisis, but spent the subsequent 15 years struggling to integrate its systems. This led the country’s financial regulator to earlier this month appoint a supervisor at Deutsche Bank to oversee its handling of customer service issues.

The bank has said that it wants to transform Postbank into a “mobile-first” bank in the medium term in response to rising demands in retail banking for digital offerings.

Of the 300 remaining locations, the spokesperson said that around 100 will transform into a new branch format exclusively focused on banking services that deal with customers on-site. The remaining 200 locations will continue to offer Postbank’s traditional postal and parcel services in addition to banking.

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