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Deutsche Bank to tap investors for cash

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by Kay Mitchell
Deutsche Bank to tap investors for cash

Germany’s largest lender, Deutsche Bank, is set to embark on a €9 billion (£7.4 billion) rights issue to strengthen its balance sheet.

Shares in the bank were down more than 5% in pre-market trade following the announcement.

According to analysts, the cash call is set to be the first in a series of fundraisings by banks throughout the world.

“This reinforces worries about the health of European financial institutes,” Close Brothers Seydler wrote.

The National Bank of Greece launched a rights issue earlier this week, and more lenders in Greece, Spain, Portugal and Italy are expected to follow suit.

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News posted: September 10, 2010

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