Cleary Gottlieb Steen & Hamilton has landed a key assignment thanks to Deutsche Bank’s decision to seek $11 billion in new capital in order to bolster its balance sheet ahead of European stress tests while expanding its U.S. investment banking operations.
Cleary, which has offices in Frankfurt and Cologne, is advising Deutsche Bank on a fundraising plan announced Sunday under which the financial services company’s existing shareholders will participate in an $8.6 billion rights issue. Separately, Paramount Holdings Services Ltd., an investment vehicle owned by Sheikh Hamad bin Jassim bin Jabr Al-Thani of the Qatari royal family, will pay $2.4 billion in exchange for 60 million shares in the Frankfurt-based banking giant.
