Deutsche Bank Gains Qatar as Holder in $11 Billion Share Sale - Bloomberg

Deutsche Bank Gains Qatar as Holder in $11 Billion Share Sale - Bloomberg:



"Deutsche Bank AG, Germany’s largest bank, sold about 60 million shares to the Qatari royal family as it announced plans to raise 8 billion euros ($11 billion) in its second-biggest capital increase.



Paramount Holdings Services Ltd., an investment vehicle of Qatar, purchased 1.75 billion euros of shares at 29.20 euros apiece, the Frankfurt-based bank said in a statement last night. Deutsche Bank plans to raise an additional 6.3 billion euros from a rights offer in June.



Engulfed in legal probes over the alleged rigging of benchmark rates and currencies, Deutsche Bank has focused on shrinking its balance sheet to bolster finances ahead of a European Central Bank exam this year to assess banks’ ability to withstand shocks. A slump in debt trading has eroded earnings as it scaled back operations. The capital increase is the biggest since the company sold about 10 billion euros of shares in 2010 to fund its purchase of Deutsche Postbank AG."



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