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FRANKFURT, May 22 (Reuters) - Deutsche Bank willdefend plans to raise 8 billion euros ($11 billion) in equity onThursday when management stands before shareholders at an annualgeneral meeting, less than a week after announcing the surpriseplan.
Germany's largest bank launched the capital increase in asurprise move only weeks after first hinting that it was unableto retain enough profit to fortify its finances ahead of aregulatory health check slated for later this year.
Shareholder approval is not required but some investors willexpress anger with the issue and with the lack of progress onresolving a long list of investigations that has dogged the banksince the 2008-2009 financial crisis.
"With the capital hike, the bank builds an extra cushion sothat it is better prepared for the ECB test," said Stefan Best,managing director at Standard & Poor's in Frankfurt.
Announcing the hike, Deutsche diluted and delayed itsturnaround targets originally set for 2015, pleading forpatience as the bank, like many of its rivals, struggles torestructure and restore profitability.
Management has pointed to "tectonic shifts" that have openedopportunities in investment banking. European rivals UBS and Barclays have withdrawn from areas suchas bond trading where Deutsche believes it can succeed as a bigEuropean player on a stage dominated by U.S. rivals like GoldmanSachs and JPMorgan.
"Whether Deutsche Bank comes out of the financial crisis asa winner in investment banking remains to be seen," Best said.
Separately, management will ask shareholders to approve aproposal permitting senior staff to receive bonuses worth twicebase pay.
European Union rules say that bankers' bonuses cannot exceedtheir annual fixed salary, or twice that if shareholdersapprove, to curb the sort of excessive risk-taking blamed forthe financial crisis.
The bonus cap is one of the most high-profile rules approvedby the 28-country bloc following public anger over high pay atbanks, many of which were propped up by taxpayers in the crisis. (Reporting by Thomas Atkins; editing by Keiron Henderson)
