DUESSELDORF, Germany Feb 26 HSBC Trinkaus
, the German unit of HSBC, seeks to raise up
to 1 billion euros ($1.37 billion) in new capital to finance
growth, the unit's chief executive said on Wednesday.
The move to raise between 750 million euros and 1 billion
euros has been approved by the HSBC group, which controls an
80.6 percent stake in the German unit and will participate in
the increase, Chief Executive Andreas Schmitz said.
"We're going to need a capital increase," Schmitz said.
HSBC Trinkaus laid out plans in 2013 to become the "leading
international bank" in Germany, targeting growth in capital
markets activities and with small- and medium-sized business
clients, and to deepen cooperation with the HSBC group.
The unit's core tier 1 ratio fell to 11.7 percent at end
2013 compared to 12.9 percent one year earlier due to an
increase in risk weighted assets.
Looking to 2014, the bank said it would expand hiring and
invest in new information technology and open four more