Deutsche Bank acquired Deutsche Postbank in 2008 but the two firms have remained legally independent.
Now, nine years on, the two banks will become one unit with a single head office.
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The two brands will remain under a new umbrella, dubbed ‘Deutsche Privat- und Firmenkundenbank’ – meaning German private and company clients’ bank.
The merged bank will also unveil a new digital bank by the end of 2018 targeted at the digital savvy millennial segment.
The combined entity will serve around 20 million customers and initially employ 30,000.
The merger is expected to provide substantial synergies of around €900m annually by 2022 by eliminating duplicate services and by sharing IT systems.
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By GlobalDataCosts of around €1.9bn will be incurred in restructuring expenses.
Deutsche Privat- und Firmenkundenbank will maintain around 10,000 ATMs across Germany with a branch network of around 1,500 outlets.
Postbank CEO and Deutsche Bank co-head of private and commercial bank Frank Strauss said: “We are combining the strengths of Deutsche Bank and Postbank. There is no other private banking group in Germany today with as many online clients as Deutsche Bank und Postbank combined. Together, we can expand our lead in digital transformation even more quickly.”
The merger is expected to close in the first quarter of 2018, subject to regulatory approval.
