Deutsche Bank completes €10.2 billion rights issue

7 October 2010

Deutsche Bank has completed a capital rights issue valued at €10.2 billion.

According to the financial services provider, out of the 308.6 million common shares issued, over 99 per cent of subscription rights were exercised by the share owners.

These shares were offered at $33 each - the remaining 2.13 million shares which were not subscribed to will be traded on the stock exchange.

Dr Josef Ackermann, chairman of the management board of Deutsche Bank, said: “The successful capital increase is an impressive demonstration of the trust in Deutsche Bank’s prospects for the future.

“We thank our shareholders for this and promise to do everything we can to fulfil the expectations placed in us.”

The details of the share offering were unveiled last month by the bank’s chairman.

He explained that the rights issue was going ahead as a way of funding its takeover of Postbank.

Deutsche Bank, which already owned a 30 per cent share in the firm, wanted to increase this stake to over 50 per cent as part of a wider strategy to expand its retail banking division within Europe.

By Jim Ottewill

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