FRANKFURT, Germany (AP) — Deutsche Bank's co-CEO says the bank decided on a 4.8 billion euros ($5.2 billion) capital increase so it could meet its goals for stronger financial reserves "in one fell swoop."
Anshu Jain said Tuesday the increase was "a tremendous opportunity" and one the company "had to take." His comments come a day after the company announced its capital increase that includes 2.8 billion euros from the issuance of new shares.
Monday's move means the bank will meet new capital requirements well ahead of the 2019 deadline under the international agreement known as Basel III. It said it now had more robust finances than its global peers.
Jain said the bank had already made progress strengthening its capital reserves by other means such as selling assets.