DUESSELDORF, Germany, Feb 26 (Reuters) - HSBC Trinkaus, the German unit of HSBC, seeks to raise upto 1 billion euros ($1.37 billion) in new capital to financegrowth, the unit's chief executive said on Wednesday.
The move to raise between 750 million euros and 1 billioneuros has been approved by the HSBC group, which controls an80.6 percent stake in the German unit and will participate inthe increase, Chief Executive Andreas Schmitz said.
"We're going to need a capital increase," Schmitz said.
HSBC Trinkaus laid out plans in 2013 to become the "leadinginternational bank" in Germany, targeting growth in capitalmarkets activities and with small- and medium-sized businessclients, and to deepen cooperation with the HSBC group.
The unit's core tier 1 ratio fell to 11.7 percent at end2013 compared to 12.9 percent one year earlier due to anincrease in risk weighted assets.
Looking to 2014, the bank said it would expand hiring andinvest in new information technology and open four morebranches.