May 18, 2017 / 8:33 AM / 2 months ago

Union urges investors to deny Deutsche Bank broad capital authorization

1 Min Read

FRANKFURT (Reuters) - Fund manager Union Investment on Thursday urged Deutsche Bank's shareholders to vote against measures that give the bank's board broad authorization for further capital increases.

Portfolio manager Ingo Speich told shareholders at the bank's annual general meeting to deny the bank a measure that could allow it to raise capital by nearly 39 percent over the next five years.

"We aren't prepared to write management another blank check for further capital increases," Speich said.

Without a such authorization for capital increases Deutsche Bank would have to call an extraordinary shareholder meeting to decide on a new rights issue.

Reporting by Tom Sims; Editing by Maria Sheahan

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