Deutsche Bank co-CEO Anshu Jain has said the bank’s plans to raise 8 billion euros ($11 billion), with the help of the Qatari royal family, will “take advantage of the very significant changes in the operating environment” it sees for the lender. Jain told CNBC the “landscape for European banks is altering and changing in front of our very eyes” as it plans to issue a total of 360 million new shares.
The lender will raise 6.25 billion euros in a rights issue, where shares are sold to existing investors. At the same time, the Qatari royal family has agreed to buy 60 million of the shares with its investment vehicle Paramount Holdings, valued at 1.75 billion euros the bank said.
The move comes as European banks are being forced to take action if they fail to meet capital requirements in stress tests and the bank aims take boost its investment and retail banking arms.
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