Saturday, 21 October, 2017

Deutsche Bank to raise billions with rights issue

The head quarters of Germany's Deutsche Bank are The head quarters of Germany's Deutsche Bank are
Mae Harvey | 06 March, 2017, 00:21

It hopes the move will boost its position on the German home market and in Europe.

Deutsche Bank DBKGn.DE expects the re-integration of its Postbank unit to take three to five years, its chief executive said after Germany's top lender announced plans for an 8 billion euro ($8.5 billion) rights issue and a structural shake-up.

The €8 billion ($8.5 billion) capital raise will be launched on March 21, the bank said in a statement, and undertaken via the issuance of new shares with subscription rights for existing investors.

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 plan to offer shares in the asset management business must be approved by German financial regulator BaFin.

Past year saw a number of scares about Deutsche Bank's ability to resist financial shocks, as it emerged among the weakest performers in the European Central Bank's stress tests and had to negotiate with the US Department of Justice (DoJ) over a $14 billion fine sought for its role in the subprime mortgage crisis.

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The new structure will consist of a Private & Commercial Bank, Deutsche Asset Management and a combined Corporate & Investment Bank. Deutsche Bank AG has a 12-month low of €9.91 and a 12-month high of €19.95.

The bank reported a net loss of 1.4 billion euros for 2016.

Shares (Berlin: DI6.BE - news) in the bank plunged at several points throughout the year, including when news of the DoJ's demand became public in September and when several hedge funds later withdrew investments.

"We have always said that our strong preference was not to raise fresh capital when there were lots of other things we planned to do anyway" Cryan told CNBC at the World Economic Focus on January 18.

Deutsche Bank also said Sunday it plans to fold its German retail-banking unit called Postbank back into its ongoing operations. The lender will propose a dividend in May of 0.19 euros per share and is recombining its investment banking and trading units. A stake sale would allow the lender to hold on to a business that Deutsche Bank officials including Mr. Cryan have praised as an important part of the bank.

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