CAPITAL RAISING
Time to grow, says Deutsche after fourth cash call
Frankfurt — Deutsche Bank’s CEO said on Friday that an era of cutbacks was over after the bank completed an €8bn capital increase to pay legal penalties, keep regulators happy and make fresh investments. "It is clear that we will not succeed by shrinking further," John Cryan said in a letter to staff after Deutsche Bank’s latest capital hike, which took its total capital raised over seven years to €30bn, just below its market value. Cryan’s cash call was backed by top shareholders — a group of Qatari investors, US fund Blackrock and China’s HNA Group — whose stakes and influence over Germany’s biggest bank would otherwise have been diluted, one source said. "Our capital increase should eliminate any remaining doubt about Deutsche Bank’s stability. This is why it’s even more important to focus on a topic that has been in the background for quite some time: growth," the British CEO said. Deutsche Bank shares closed 0.96% weaker on Friday in Frankfurt after earlier being down 1.8%. Deu...
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