Deutsche Bank not thinking about mergers, has other things to do: CEO

Thu Apr 6, 2017 5:34am EDT
 
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BERLIN (Reuters) - Deutsche Bank (DBKGn.DE: Quote), which is in the midst of an 8 billion euro ($8.5 billion) capital increase, is currently not thinking about mergers, Chief Executive John Cryan said.

"We have other things to do," Cryan told a banking conference in Berlin on Thursday.

Deutsche Bank and German peer Commerzbank (CBKG.DE: Quote) held talks on a potential combination last summer but shelved the project soon as both want to finish restructuring before indulging in merger talks.

As part of its own revamp, Deutsche Bank is tapping shareholders for cash, with the subscription period for new shares ending on Thursday.

According to people close to the matter, 75-80 percent of existing shareholders are buying the new shares on offer, while the rest are selling their subscription rights.

As subscription rights DBKG_r.DE are tradable and have a value on their own, the take-up in German rights issues is generally close to 100 percent.

Some large shareholders such as China's HNA have hiked their stake.

(Reporting by Klaus Lauer and Gernot Heller; Additional reporting by Arno Schuetze and Alexander Hübner; Editing by Maria Sheahan)

 
Deutsche Bank CEO John Cryan addresses the bank's annual news conference in Frankfurt, Germany, February 2, 2017.    REUTERS/Kai Pfaffenbach