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Innogy has no plans to take stake in Deutsche Bank - CEO
October 7, 2016 / 9:25 AM / a year ago

Innogy has no plans to take stake in Deutsche Bank - CEO

FRANKFURT (Reuters) - Neither Innogy nor parent RWE are likely to take a stake in Germany’s largest lender Deutsche Bank, Innogy’s Chief Executive told Reuters on Friday.

Peter Terium, chief executive of German power supplier RWE and Carsten Kengeter (R), CEO of Deutsche Boerse ring the bell at the first trading day of shares of German energy supplier RWE's new ecological daughter Innogy at the stock exchange in Frankfurt, Germany, October 7, 2016. REUTERS/Kai Pfaffenbach

“We have just raised billions with the promise to invest in networks and renewables. I don’t think this included a promise for a Deutsche Bank investment,” Peter Terium said in Frankfurt following the initial public offering offer of Innogy, Germany’s largest listing in 16 years.

German business paper Handelsblatt reported earlier that German blue-chip corporations were ready to offer a capital injection to Deutsche Bank, which has been engulfed in crisis since news emerged last month of a U.S. demand for a $14 billion settlement over the sale of toxic mortgage bonds.

The paper did not name any specific companies.

German utility RWE, part of Germany’s blue-chip DAX index, holds a 75 percent stake in Innogy, which bundles its power networks, retail and renewables operations.

Terium said Deutsche Bank was more in need of reliable partners and clients than investors, pointing to Deutsche Bank’s role as one of the global coordinators of Innogy’s IPO.

“I think I’ve helped them much more that way than by buying a few shares.”

Reporting by Christoph Steitz and Alexander Huebner; Editing by Maria Sheahan

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