A possible increase in capital charge for shares of Deutsche Bank. Source: AP
HB FRANKFURT. The prospect of billions in capital at Deutsche Bank has met with investors on Friday did not go down . The shares of the institute went on a downward slide and had a decline of more than four percent, the biggest losers in the Dax.
Stressful for the title of the house money is mainly the level of possible capital increase , "said one dealer. According to Handelsblatt , the German bank information, plans to record up to nine billion euros in the market. That would be the largest transaction of its kind for the industry leader for many years.
With the capital increase, will the money for a complete takeover of the House apparently Postbank . equip The MDAX -listed in PostbankShares rose in the head by more than seven percent to 27.80 euros , after they had already gained on Thursday in late trade significantly. German Bank chief Josef Ackermann had stressed in the past always , there are only capital to finance acquisitions.
Investors have long speculated that the German bank Postbank soon completely swallows. Germany’s largest bank already holds about 30 percent in Postbank and secure experts say will sooner or later, complete access to its 14 million residential customers. The German Bank replaced in February 2012 on an exchangeable bond further 27.4 percent from other shareholders German Post.
With the issue of new shares for the purchase of Postbank , the German bank would come closer to our goal of reducing its dependence on volatile investment banking. Ackermann If the leadership of the bank in 2013 or earlier passed to a successor who will find this a stable structure , which rests on two pillars: the investment banking and private banking.
Expansion steps in the domestic market has taken the German bank with the acquisition of Berliner Bank, Noris Bank and Sal Oppenheim and even a stake in Postbank already . With the acquisition of the entire German bank Postbank would double the number of its 14 million residential flat.
Analysts reacted cautiously to the speculation of a capital move: "We recommend to be careful to know any more details on the capital increase , "wrote analyst Matthias Dürr DZ in a short study . In his opinion, should the scenario of a takeover of Postbank by the German bank , with the possible capital increase will be more likely.
Setup could be the German bank with the capital increase , according to analysts but also for the planned tightening of capital rules. " There are many indications that the capital requirements under Basel III are significantly higher than previously thought , "said market analyst Heino Ruland Ruland of Research.
Stefan de Schutter , head of equity trading at Alpha Trading , said that the plans of Deutsche Bank are far clever than many banks would be in the context of Basel III for a capital increase. As the German bank would go as one of the first institutions of a capital increase to the market, the discount at Deutsche Bank ‘s shares was not as great as one might have feared. The title of the Commerzbank wrote down 2.9 percent in the red .
Whether it actually also in the corporate action comes to be prepared for the planned tightening of the Basel capital rules , however, is controversial. Dirk Hoffmann- Becking , an analyst at Bernstein Research believes that such speculation is absurd . He believes that this is the only bank to take over the Postbank.
Nevertheless, Hoffmann- Becking shows surprise at the time of this step. "It is not clear that the capital must be very worried now . We are concerned that the capital should take place against the background of an already low valuation , "he writes in a recent analysis . The capital increase at this time was a sign that the German bank’s future business development now increasingly conservative generation system. This had nothing to do but rather with the development of the economy, itself less with the undertaking
Bernstein had lowered the price target for the stock only on Wednesday from 52 to 49 € , the classification to " Market Perform " to leave . Compared with other banks, the rating for the German bank appear less attractive.
The exact date of the capital increase is still unclear. While a person familiar with the plans has already talked about next week , said others , it could well take longer. "Currently negotiating with investment banks , " said one insider. The German Bank declined comment.