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Deutsche Bank launches 8 billion euro capital hike

Deutsche Bank said it was seeking to raise up to 8 billion euros in fresh capital, in what would be the second biggest recapitalisation in the bank's history.

BERLIN: Deutsche Bank said on Sunday it was seeking to raise up to 8 billion euros (US$11 billion) in fresh capital, in what would be the second biggest recapitalisation in the bank's history.

The bank launched its biggest capital hike in 2010, when it sought 10 billion euros.

In a statement, the bank said it would carry out the recapitalisation in two phases, first by raising 1.75 billion euros from one single investor - Paramount Holdings Services, an investment vehicle owned by a member of the Qatari royal family.

The second phase of the recapitalisation will be carried out through a sale of 300 million shares reaching 6.3 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 Juergen Fitschen and Anshu Jain, co-chief executive officers of the bank in a statement.

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