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DB is taking a decisive step forward to become stronger and grow again. By issuing up to The subscription period is expected to start on March 21 and ends on April 6. Up to a 2 billion euros of further capital accretion is expected through asset disposals and the flotation of a minority stake of Deutsche Asset Management. The bank targets a Common Equity Tier 1 ratio of comfortably above 13 percent and a leverage ratio of 4.
Additionally, Deutsche Bank will align certain parts of its technology and other overhead functions to its business divisions to increase accountability and reduce costs. The bank will target an adjusted cost base including Postbank of about 22 billion euros by and about 21 billion euros by , compared to It is anticipated that this will require restructuring and severance costs of approximately 2 billion euros, the majority of which is expected to be incurred in to The bank will aim to reach a return on tangible equity of 10 percent in a normalised operating environment.
The management has approved payment of the AT1 interest coupons coming due in and intends to propose at the Annual General Meeting in May to pay aggregate dividends of 0. The aggregate amounts to approximately million euros.
The bank intends to propose at least a minimum dividend of 0. John Cryan, Chief Executive Officer, said: The capital increase will reinforce our financial strength substantially. The new three-pillar structure of our operating business should position us for significant growth, both in revenues and earnings.
Since the former management team announced a planned sale of Postbank in spring , macroeconomic, legal and regulatory conditions have changed. In a highly competitive market environment with low interest rates, greater scale is expected to provide a substantial competitive advantage particularly in the broader retail segment.
Deutsche Bank and Postbank plan to develop a detailed integration plan now, which they intend to present in the course of the year. This integration aims to rationalise central functions and technology platforms, for example. Potential annual synergies are estimated at 0. Additionally, Deutsche Bank and Postbank will join forces to invest in digitisation more efficiently. The additional operational independence will help to attract further talent in the future.
Deutsche Asset Management, with more than billion euros of invested assets worldwide, is planned to be headquartered and listed in Germany. The IPO of a minority stake is planned to be completed within the next two years. Deutsche Bank intends to retain a majority stake in Deutsche Asset Management. The bank intends to shift the focus in this business to corporate clients while retaining a strong, but more focused institutional client base.
From one integrated division, clients will be offered services ranging from financing and payments to hedging and advisory. The bank identified a pool of legacy assets within Global Markets of approximately 20 billion euros in risk-weighted assets RWA , excluding operational risk.
The legacy assets pool will be managed separately and is targeted to be reduced to approximately 12 billion euros of RWA by Global Transaction Banking will remain an essential part of CIB, and investments in this business will continue. These changes should place the bank in a better position to benefit from resurgent client activity across the investment banking sector. The new three-pillar business division structure will be supported by a new leadership structure as decided by the Supervisory Board today.
He will continue to support the bank, especially regarding regulatory topics in the United States. It is intended that Mr. With regard to the capital increase and the strategic measures, Paul Achleitner, Chairman of the Supervisory Board, said: We are and will remain a bank rooted in Germany and Europe and with a sizeable presence in the global business with corporates, institutions and wealth management clients.
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations.
Any statement in this release that states our intentions, beliefs, expectations or predictions and the assumptions underlying them is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.
This release also contains non-IFRS financial measures. This release does not constitute an offer to sell, or the solicitation of an offer to buy or subscribe for, any securities of Deutsche Bank AG. The public offer in Germany and the United Kingdom will be made solely by means of, and on the basis of, a securities prospectus which is to be published following its approval by the German Federal Financial Supervisory Authority BaFin.
Any investment decision regarding any subscription rights or shares should only be made on the basis of the prospectus which will be published after its approval and will be available for download on the internet site of Deutsche Bank AG www. Copies of the prospectus will also be readily available upon request and free of charge at Deutsche Bank AG, Taunusanlage 12, Frankfurt am Main, Germany. In any Member State of the European Economic Area that has implemented the Prospectus Directive other than Germany or the United Kingdom this communication is only addressed to, and directed at, qualified investors in that Member State within the meaning of the Prospectus Directive.
The new shares are only available to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such new shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Deutsche Bank has filed a registration statement including a prospectus with the U. Before you invest, you should read the prospectus in that registration statement, the supplement to that prospectus Deutsche Bank expects to file with the SEC and other documents Deutsche Bank has filed and will file with the SEC for more complete information about Deutsche Bank and this offering. Deutsche Bank intends to make the offering to which this communication relates in Canada pursuant to a Canadian offering memorandum filed with the Canadian securities regulatory authorities under an exemption from the requirement to file a prospectus in Canada.
Before you invest, you should read the Canadian offering memorandum and other documents Deutsche Bank has filed and will file with the Canadian securities regulatory authorities for more complete information about Deutsche Bank and this offering.
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