Deutsche Bank raises €8.5bn in capital increase

GMT 08:45 2014 Wednesday ,25 June

Arab Today, arab today Deutsche Bank raises €8.5bn in capital increase

Deutsche Bank
Frankfurt - AFP

Deutsche Bank, Germany's biggest lender, said on Wednesday it raised a total 8.5 billion euros ($11.6 billion) from its recent capital increase.
"Deutsche Bank has completed the capital increase ... it announced on May 18," the bank said in a statement.
"The number of shares of Deutsche Bank has increased by 359.8 million to 1.379 trillion. The gross proceeds of these transactions amounted to 8.5 billion euros."
In the second-biggest capital increase in the bank's history, Deutsche Bank turned to the Qatari royal family to help raise funds and assuage fears over its capital strength.
Deutsche Bank placed 60 million shares at a price of 29.20 euros apiece with Paramount Holdings Services, the investment of the Qatari royal family.
On top of this, it issued 299.8 million new shares at a price of 22.50 euros each.
With the capital increase, "we have taken decisive steps to protect Deutsche Bank against known capital challenges, sharpen our competitive edge, and accelerate investments in growth in all our business division," said co-chief executives Juergen Fitschen and Anshu Jain.
Like its European counterparts, Deutsche Bank is under pressure to bolster its capital reserves.
As part of a wider drive to set up a banking union as a bulwark against future financial crises, banks are being subjected to so-called stress tests and asset quality reviews by the European Central Bank this summer.

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