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Once again a new strategy and a capital increase; new German hope?

  • 06 Mar 17

Deutsche Bank released on Sunday, 5 March, the following key items regarding a capital increase and strategy moves. • Deutsche Bank intends to increase its capital from the issuance of new shares by around €8bn. Deutsche Bank expects to issue up to 687.5 million new shares with subscription rights to existing shareholders and with the same dividend rights as all other outstanding shares. The subscription period of the rights is expected to run through to 6 April 2017. Upon completion of the proposed capital raise, the Bank’s fully-loaded 31 December 2016 pro forma CET1 ratio would be 14.1%, and its pro forma leverage ratio 4.1%. • Up to €2bn of additional capital accretion is targeted in the next two years from asset disposals and a flotation of the minority stake of Deutsche Asset Management. • A simplified business model is targeted consisting of three business units: Corporate & Investment Bank, Wealth Management and Asset Management. • The Postbank sale is cancelled. Postbank and Deutsche Bank’s Private & Commercial Clients business will be combined into a new Wealth Management segment. • Corporate Finance, Global Markets and Global Transaction Banking are going to become part of an integrated Corporate & Investment Bank again. • Restructuring and severance costs are anticipated of c.€2bn, the majority of which is expected to be incurred in 2017-19. • Intention to decrease the adjusted cost base from €24.1bn (2016, after business disposals) to about €22bn (2018) and then to about €21bn (2021). • The bank will aim to reach a return on tangible equity of 10% in a normalised operating environment. • Management intends now to propose at the AGM in May 2017 to pay aggregate dividends of €0.19 per share for FY2016, including the shares to be issued in the announced capital raise. The bank intends to propose at least a minimum dividend of €0.11 per share for FY2017 and targets a competitive payout ratio for fiscal FY2018 and thereafter. • Marcus Schenck, CFO, and Christian Sewing, CEO of Germany and Head of Private, Wealth & Commercial Clients, have been appointed Deputy CEOs with immediate effect. Marcus Schenck will join Garth Ritchie in leading the new Corporate & Investment Bank in the course of the year.