Key Developments: Deutsche Bank AG (DB)
48.45USD
17 May 2013
$1.79 (+3.84%)
$46.66
$47.42
$48.56
$47.36
2,771,773
2,148,594
$53.12
$27.03
Latest Key Developments (Source: Significant Developments)
Xchanging Plc Proposes Sale of Shareholding in Xchanging Transaction Bank to Joint Enterprise Partner Deutsche Bank AG
Xchanging plc announces today that it has signed an agreement (conditional upon Xchanging shareholder and certain other approvals) to sell its 51% shareholding in Xchanging Transaction Bank GmbH and its holding company Xchanging etb GmbH (together "XTB") to its joint Enterprise Partner, Deutsche Bank AG ("Deutsche Bank"). Xchanging will receive total cash amounting to €40.5 million, including estimated cash payable to Xchanging in respect of trading up to the closing of the transaction. The transaction announced today effectively provides Xchanging with the cash equivalent of the after tax present value of the remaining cash flows of the service contracts of XTB. As such, it is considered to be value enhancing for Xchanging shareholders, notwithstanding that the transaction will bring forward the earnings dilution that would otherwise have arisen in the future when such contracts were terminated. Full Article
Deutsche Bank AG Files Complaint Before US Courts And Banco del Bajio Initiates Lawsuit Against URBI Desarrollos Urbanos SAB de CV
URBI Desarrollos Urbanos SAB de CV (URBI) announced that Deutsche Bank AG has filed, before United States courts, a complaint against URBI and its subsidiaries, seeking payment of over USD 61 million plus legal costs, in connection with certain credit and derivative transactions. URBI also announced that a lawsuit has been initiated, as a summary proceeding before Mexican courts, by Banco del Bajio SA against URBI and two of its subsidiaries, claiming payment of MXN 75 million plus legal costs. Full Article
Deutsche Bank AG to Execute Capital Increase
Deutsche Bank AG announced that its Management Board has resolved, with the approval of the Supervisory Board, to execute a capital increase, which is intended to raise gross proceeds of approximately EUR 2.8 billion. The purpose of the capital increase is to strengthen the equity capitalization of the bank. It is intended to issue up to 90 million new shares from authorized capital excluding pre-emptive rights. The new shares will have full dividend entitlement for the fiscal year 2012. They will be placed with institutional investors by way of an accelerated book build offering. There will be no public offering. Deutsche Bank AG is acting as sole bookrunner for the offering. Additionally Deutsche Bank intends to strengthen its total capital structure via the potential issuance of additional subordinated capital instruments of up to EUR 2 billion over the next twelve months. Full Article
Mitsubishi UFJ Financial Group Inc's UnionBank Set To Buy Deutsche Bank AG U.S. Property Loans Worth $3.7 Billion-Reuters
Reuters reported that Mitsubishi UFJ Financial Group Inc (MUFG ) is in advanced talks to buy U.S. commercial property loans from Deutsche Bank AG worth about $3.7 billion. The acquisition, which is likely to be agreed within a few days and will include Deutsche's team of bankers specialising in commercial real estate loans, comes amid an aggressive push by MUFG to ramp up its U.S. assets. The acquisition will be made by MUFG's U.S. subsidiary UnionBank. Full Article
German Regulators Probe Deutsche Bank AG Accounts-Reuters
Reuters reported that Germany's Bundesbank and financial watchdog Bafin are conducting an in-depth probe of Deutsche Bank AG's accounts over allegations that it failed to correctly value a derivatives portfolio. Germany's central bank was reacting to accusations that Deutsche Bank had incorrectly valued credit derivatives from 2007 through 2010, allowing it to hide as much as $12 billion in losses. The probe would include trips to New York to meet the people who had made the allegations. But the investigators have not been there yet. The Bundesbank said it could not provide information on measures that affect individual institutions. Full Article
Deutsche Bank AG And Other Banks Score Win In Private Libor Suits-Reuters
Reuters reported that A group of banks won a victory when a U.S. judge dismissed a substantial portion of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The banks include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, Royal Bank of Canada, Royal Bank of Scotland and WestLB AG. They had been accused by a diverse body of private plaintiffs, ranging from bondholders to the city of Baltimore, of conspiring to manipulate the London Interbank Offered Rate (Libor). Full Article
Massachusetts Fines Deutsche Bank AG $17.5 Million Over CDO Conflicts-Reuters
Reuters reported that Massachusetts has fined Deutsche Bank AG $17.5 million, saying it deceived clients in creating and marketing $10 billion worth of collateralized debt obligations. Secretary of the Commonwealth William Galvin said Deutsche Bank Securities Inc, a unit of Germany's largest bank Deutsche Bank, failed to fully disclose what was in the financial products or that hedge fund Magnetar Capital was betting their value would fall. Full Article
Deutsche Bank AG Agrees To Settle Energy Trading Inquiry-The New York Times
The New York Times reported that Deutsche Bank AG has agreed to a settlement with the Federal Energy Regulatory Commission over charges that the bank manipulated California’s energy markets in 2010. The agreement, announced late, includes a $1.5 million fine against Deutsche Bank, which also must surrender around $170,000 in profit related to the energy trading activity. The energy commission said in a statement that some of Deutsche Bank’s employees had entered into a number of transactions in early 2010 that unfairly benefited the bank. Full Article
Deutsche Bank AG Settles US Power Market Manipulation Case-Reuters
Reuters reported that Deutsche Bank AG will pay nearly $1.7 million to settle allegations it manipulated electricity markets in California in 2010, Federal Energy Regulatory Commission (FERC) said. Full Article
U.S. To Fine Deutsche Bank AG's Subsidiary Over Energy Trading-Reuters
Reuters reported that U.S. electricity regulators are expected to impose a $1.5 million fine on a Deutsche Bank AG's subsidiary over alleged power market manipulation, the Wall Street Journal reported, citing people with knowledge of the matter. Deutsche Bank has disputed The Federal Energy Regulatory Commission's (FERC) allegation that it manipulated the market by deliberately losing money on physical transactions to profit in derivative markets. Full Article
Fitch Affirms Deutsche Bank at 'A+'; Outlook Stable
(The following statement was released by the rating agency) MILAN/LONDON, May 16 (Fitch) Fitch Ratings has affirmed Deutsche Bank AG's Long-term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook, Short-term IDR at 'F1+' and Viability Rating (VR) at 'a'. At the same time, the agency affirmed the Support Rating at '1' and Support Rating Floor (SRF) at 'A+'. A full list of rating actions, including actions on its main subsidiaries and debt ratings, is at the end of this rating action c
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