Deutsche Bank(DB) - Get Report shares edged higher Friday following a twin set of reports that pointed to various capital raising plans for the beleaguered German lender amid speculation that CEO John Cryan will meet with U.S. officials later today to discuss its pending fine with the Department of Justice.
Deutsche shares were up around 1.3% in early Frankfurt trading, changing hands at €12.22 and extending a five-day series of gains that has lifted the stock some 19% since hitting an all-time low of €10.08 last week after reports that the DoJ was reading to hit the bank with a $14 billion fine to settle allegations of mortgage bond mis-selling. The share move ran against the grain of market sentiment for the financial services sector, with the Stoxx 600 banking index sliding by 0.3% to 143.59 amid a broader decline for shares around Europe.
The Financial Times reported Friday that Deutsche may be considering a partial float of its asset management business, which has €719 billion under management could be valued as high as €8 billion, according to the FT report.
A separate report late Thursday from Germany's main business daily, Handelsblatt, suggested the country's biggest companies were ready to devise a collective plan to inject capital into the bank in order to shore up its finances and contain any concerns over systemic risk.