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Banking

Deutsche Bank pledges to remain top investment bank

Deutsche Bank has said it intends to remain a top global investor with no plans to temper its risky trading business. On Thursday, executives also defended plans to raise bonus pay and sell new shares for cash.

Germany's largest financial institution vowed on Thursday to remain a top global investment bank at a time when many of its competitors are winding down their lucrative but risky trading practices.

At the bank's annual shareholders meeting in Frankfurt, senior executives also appealed for patience and trust amid suggestions of raising bonus pay by 200 percent.

"Deutsche Bank is one of the few European banks with the potential to play a leading role in international capital markets in the future," said Paul Achleitner, chairman of the bank's supervisory board.

Lukewarm reception

Achleitner, flanked by co-chief executives Jürgen Fitschen and Anshu Jain, defended the bank's plans to raise 8 billion euros on capital markets by selling shares, which included the purchase of new shares worth 1.75 billion euros by the royal family of Qatar.

Deutsche Bank, Europe's biggest investment bank, is trying to beef up its capital cushion in order to meet more stringent regulatory requirements that were part of Europe's response to the sovereign debt crisis.

But the speeches were met with skepticism by some investors, who are irked by a 24 percent fall in share prices since January as well as a number of scandals involving Deutsche Bank, including allegations of currency manipulation.

Stefan Krause, the bank's chief financial officer, told attendants that Deutsche Bank spent some 350 million euros last year in legal fees arising from thousands of lawsuits and regulatory investigations.

cjc/sri (Reuters, dpa)

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