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Banking

Deutsche Bank seeks fresh capital in second biggest recapitilization in bank's history

Deutsche Bank has said it is seeking to raise up to 8 billion euros in fresh capital. The move marks the second biggest recapitalization in the German bank's history.

Deutsche Bank announced on Sunday it was seeking to raise up to 8 billion euros ($11 billion) in fresh capital.

This financial injection will mark the second biggest recapitalization in the bank's history after a capital hike in 2010, when it sought 10 billion euros.

"The package of measures we are announcing today represents a decisive response to both the challenges and the opportunities in a changing macro-economic, competitive and regulatory environment," said Jürgen Fitschen and Anshu Jain, co-chief executive officers of the bank in a statement.

According to the statement the bank will carry out the recapitalization in two phases. The first step will be raising 1.75 billion euros from Paramount Holdings Services, an investment vehicle owned by Sheikh Hamad bin Jassim bin Jabr Al-Thani of the Qatari royal family. This investment will represent 60 million shares at 29.20 euros each.

The second phase will be carried out starting on June 24 through a sale of 300 million shares to reach the remaining 6.3 billion euros.

hc/crh (AFP, Reuters, dpa)

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