Bloomberg News reports that Paramount Holdings Services, an investment vehicle of Qatar, purchased 1.75bn euros ($2.4bn) of shares at 29.20 euros apiece, the bank said in a statement Sunday night. Deutsche Bank plans to raise an additional 6.3bn euros ($8.6bn) from a rights offer in June.
The firm said it aims to reach its 12% return on equity goal in 2016, a year later than originally planned, and reduced a profitability target for the investment bank, as competitors including Barclays and UBS shrink their units.
The sale will help the bank 'address challenging operating conditions', including 'tighter regulatory requirements, the increased cost of compliance and litigation, and headwinds in the macro-economic environment', Deutsche Bank said in the statement.
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