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Deutsche Bank raises nearly 3 bn euros in capital hike

Agence France-PresseApril 30, 2013 04:31
Deutsche Bank, Germany's biggest lender, said Tuesday it raised 2.96 billion euros ($3.9 billion) in fresh capital after placing 90 million new shares with institutional investors at a price of 32.90 euros a piece. "Today, Deutsche Bank AG placed 90 million new shares with institutional investors by way of an accelerated book build offering," the group said in a brief statement.

UBS posts $1 billion net profit in first quarter, down 4.5 per cent from 2012

The Canadian PressApril 30, 2013 02:00
GENEVA - A first-quarter net profit of $1 billion thanks to strong investment banking and wealth management sent shares in Swiss bank UBS AG up 5 per cent Tuesday morning on the Swiss stock exchange. The result posted by Switzerland's biggest bank, headquartered in Zurich and Basel, Switzerland, caused shares to jump to 16.5 francs soon after trading began.

Deutsche Bank announces capital increase as it reports rise in first quarter net income

The Canadian PressApril 29, 2013 15:00
FRANKFURT - Deutsche Bank said Monday it would raise 2.8 billion euros ($3.7 billion) by issuing new shares, a move to bolster its capital buffers in line with new global financial rules. Germany's largest bank said it would issue some 90 million new shares from authorized capital and place them with institutional investors, without a public offering. It also said it would raise up to 2 billion euros more in non-equity capital over the next 12 months.

Odds stacked against SocGen in Russian roulette

April 26, 2013 07:45
By Lionel Laurent and Matthias Blamont PARIS (Reuters) - French bank Societe Generale's <SOGN.PA> estimated four billion-euro bet on Russia must start paying off this year to stop investors urging the bank to cut its losses as the economic outlook darkens. SocGen has for years held up its investment in Moscow-based Rosbank as a key source of future profits that will offset debt woes in Western Europe and rocky post-crisis financial markets.

Citigroup buys ING custody services in eastern Europe

Agence France-PresseApril 26, 2013 05:30
US bank Citigroup announced Friday it was acquiring the eastern Europe custody services business of its Dutch rival ING. The acquisition covers assets worth 110 billion euros ($143 billion) in seven countries: Bulgaria, Hungary, the Czech Republic, Romania, Russia, Slovakia and the Ukraine, according to statements from both banks. The transaction, for an amount not made public, is to be finalized in the first quarter of 2014, Citigroup said.

Key banker charged with UK stake sales quits

April 25, 2013 10:00
By Matt Scuffham LONDON (Reuters) - The banker tasked with selling Britain's stakes in Royal Bank of Scotland and Lloyds Banking Group quit on Thursday, throwing into question the government's aim to start offloading the shares before 2015. Jim O'Neil is leaving after three years at UK Financial Investments (UKFI), which was set up to manage and eventually sell the bank stakes after Britain pumped 66 billion pounds into both lenders to keep them afloat during the 2008 financial crisis.

Barclays investment banking shines as overhaul costs hurt

April 24, 2013 02:45
By Steve Slater LONDON (Reuters) - Investment banking made most of the first quarter profit at British bank Barclays, highlighting the challenge for the lender's new boss in making money as he shrinks that part of the business. Chief Executive Antony Jenkins was brought in to bring a more ethical approach to Britain's third largest bank after scandals over rate-fixing and big bonuses in the investment banking arm that was built up by his predecessor Bob Diamond.

Investment firm seeks $8 billion in legal fight with Deutsche Bank

April 23, 2013 14:32
By Clare Hutchison LONDON (Reuters) - A legal battle between Deutsche Bank <DBKGn.DE> and billionaire investor Alexander Vik began this week in which Vik is claiming $8 billion (5.2 billion pounds) in damages over trades by his company Sebastian Holdings during the financial crisis. In the case, one of the largest claims heard by the High Court in London, Sebastian Holdings alleges it ran up big losses after Deutsche Bank's prime brokerage department breached its contracts between 2006 and 2008.

Corzine sued by MF Global trustee over firm's collapse

April 23, 2013 10:32
By Jonathan Stempel (Reuters) - Jon Corzine was sued by the bankruptcy trustee liquidating MF Global Holdings Ltd <MFGLQ.PK>, who accused the former chief executive of negligently pursuing a high-risk business strategy that culminated in the commodities brokerage's destruction. The trustee, Louis Freeh, said in the lawsuit that Corzine and two top deputies overhauled MF Global's business without addressing "systemic weaknesses" in oversight and monitoring.

Archbishop of Canterbury, on bank reform panel, calls for a bank breakup

April 22, 2013 17:31
By William James LONDON (Reuters) - At least one of Britain's major banks should be broken up into smaller regional lenders, the Archbishop of Canterbury, who sits on an influential banking reform committee, said on Monday. Justin Welby, spiritual head of the Anglican Church, spoke in a personal capacity, but his comments offer insight into the thinking of the Parliamentary Commission on Banking Standards which has the role of cleaning up Britain's banking culture.
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