Deutsche Bank defends plans to raise substantial equity to shareholders

Deutsche Bank - Foyer Bridge

Deutsche Bank defended plans to raise $10.92bn in equity on Thursday, as its top executives faced investors at the lender's annual shareholders' meeting less than a week after announcing the surprise plan.

Reuters reports that the bank launched the share issue only weeks after first hinting it was unable to retain enough profit to fortify its finances ahead of a pan-European regulatory health check of banks slated for later this year.

'We know some of you are sceptical. Some of you may ask, why should we trust this team to deliver ?' said co-Chief Executive Anshu Jain in a speech to the meeting.

Co-CEO Juergen Fitschen said: 'We aim to position Deutsche Bank among the very small global group of leading banks that will define a new era for the banking industry'.

Announcing the capital increase, Deutsche had diluted and delayed its turnaround targets originally set for 2015, pleading for patience as the bank, like many of its rivals, struggles to restructure and restore profitability.

To access the complete Reuters article hit the link below:

Deutsche Bank defends capital increase at annual meeting

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