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Deutsche Bank completes $8.5 billion cash-raising exercise

Associated Press logo Associated Press 7/04/2017

FRANKFURT, Germany — Germany's struggling Deutsche Bank says it has completed its effort to raise 8 billion euros ($8.5 billion) from investors through the sale of new shares.

The Frankfurt-headquartered bank said in a statement Friday that the transaction strengthened its capital and leverage ratios, two measures of financial resilience. Its Common Equity Tier 1 capital ratio of 11.8 percent at the end of last year would have been 14.1 percent with the proceeds from the capital increase.

The sale is part of a painful restructuring effort by CEO John Cryan as the bank struggles with weak earnings, a low interest rate environment, and penalties from investigations into past misconduct. The bank has shed employees, dumped risky investments, cut costs, and closed its business in some countries.

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