Deutsche Bank says to raise EUR8 bn with new share issue

Deutsche Bank says to raise EUR8 bn with new share issue

The issue is being underwritten by a number of other banks, including Credit Suisse, Barclays, Goldman Sachs, BNP Paribas, Commerzbank, HSBC, Morgan Stanley, and UniCredit, while Deutsche Bank itself is acting as global coordinator and joint bookrunner. The Corporate & Investment Bank group division comprises corporate banking and securities activities and is divided into Corporate Banking & Securities (CB&S), comprising Markets and Corporate Finance businesses, and Global Transaction Banking (GTB) corporate divisions. The bank's Chief Financial Officer, Marcus Schenck and its CEO of Germany and Head of Private Wealth & Commercial Clients, Christian Sewing are assuming joint Deputy CEO positions, effective immediately.

Schenck will also become co-head of the investment bank alongside Garth Ritchie, who now heads the bank's bond and equities trading activities.

The Wall Street Journal also reports that a recombination of the bank's investment banking and trading divisions is being weighed up. These will be incurred between 2017 and 2021, although about 70 per cent will hit the bank's books in the next two years.

Losses and mounting legal bills raised doubts about Deutsche Bank's financial strength, which intensified after the U.S. Justice Department in September demanded $14 billion to end an inquiry into mortgage securities that fueled the 2008 financial crisis.




In another about-face, the lender scrapped plans to sell its Postbank unit, saying it was unable to do so at an acceptable price.

A final decision about the strategy adjustments as well as a possible share sale are expected at the end of March, following a meeting of the bank's supervisory board on March 16 and 17, the person said. Cryan was asked if Deutsche Bank would need to raise capital over the next one to three years.

"The announced measures are an important signal for the capital market that the bank is now focusing more on its future and its customers after years of dealing with the past", fund manager Ingo Speich at Union Investment said. It has been rumored for long. In 2015, the bank separated them in restructuring. Deutsche Bank AG has a 12-month low of €9.91 and a 12-month high of €19.95.

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