Deutsche Bank to Raise Extra $8.5Bln in Capital to Keep Market Share

© REUTERS / Toby Melville/FilesWorkers walk past the London headquarters of Deutsche Bank in the City of London, Britain in this May 19, 2015 file photo
Workers walk past the London headquarters of Deutsche Bank in the City of London, Britain in this May 19, 2015 file photo - Sputnik International
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Deutsche Bank plans to raise additional money by issuing new shares, statement on Sunday.

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, September 30, 2016 - Sputnik International
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MOSCOW (Sputnik) — Deutsche Bank plans to raise additional 8.5 billion in capital by issuing new shares, the Germany’s biggest lender said in a statement on Sunday.

"Deutsche Bank intends to increase its capital from the issuance of new shares with subscription rights for existing shareholders with proceeds expected to be around EUR 8 billion," it said in a press release.

Up to 687.5 million new shares will be issued to achieve a capital ratio of comfortably above 13 percent, the bank said. It hopes the move will boost its position on the German home market and in Europe.

"Our decisions are a significant step forward on the path to creating a simpler, stronger and growing bank," Deusche Bank’s chief executive John Cryan said.

The lender also plans to reduce its annual severance and restructuring costs from $25.6 billion to about $22.3 billion in 2021 when it plans to implement all measures of its restructuring plan.

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