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Deutsche Bank Strives to Quell Capital Concern, Sells U.K. Unit

  • Raising capital ‘is currently not an issue,’ Cryan tells Bild
  • Bank sells U.K. insurance unit to Phoenix for $1.2 billion
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Spence: Deutsche Bank May Be Worse Than the Actuality

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Deutsche Bank AG, eager to turn a tide of pessimism that drove its stock to record lows, dismissed speculation it will have to raise capital and announced the long-awaited sale of a U.K. insurance business for 935 million pounds ($1.2 billion).

The shares rose as much as 4.4 percent after Chief Executive Officer John Cryan, speaking to Bild, Germany’s most-read newspaper, said a capital increase “is currently not an issue.” The lender also agreed to sell Abbey Life Assurance Co. to Phoenix Group Holdings, giving a small boost to its capital.