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Deutsche Bank reports Q3 loss

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by Kay Mitchell
Deutsche Bank reports Q3 loss

Germany’s largest bank, Deutsche Bank, today saw its shares fall after issuing a profit warning.

The banking giant said its takeover of retail bank, Postbank, would lead to a €2.3 billion loss.

Shares fell 8% to €41.12 on the news.

In order to fund the takeover, the bank has launched a €10 billion (£8.1 billion) rights issue.

The cash call represents Germany’s largest but is still well below the £13.5 billion recently raised by Lloyds Banking Group and the £12.5 billion and £12 billion, raised by HSBC and Royal Bank of Scotland, respectively.

Earlier this month, the bank said: “Through this capital increase, Deutsche Bank intends to secure the equity capital required for a planned consolidation of Postbank.”

It added: “Furthermore, with this capital increase we are strengthening the bank‘s equity capital in light of expected regulatory changes.”

The subscription for the Deutsche Bank share offer runs from today to October 5, with the new stock to be listed in Frankfurt and New York from October 6.

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News posted: September 22, 2010

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