EUROPEAN banking giant Deutsche Bank announced plans to raise at least US$8.5 billion in capital, list its asset management business and overhaul its business structure as it tries to reinvent itself after spending two years dealing with its past misdeeds and huge losses.

    Deutsche Bank will issue 687.5 million new shares later this month, the bank said Sunday, in an effort to take advantage of the recent run-up in the bank’s stock price.

    As part of the restructuring, Deutsche said it will take a part of its asset management business public. The bank will also abandon its plans to sell Postbank, and will integrate Postbank into the rest of its retail banking business.

    “Our decisions are a significant step forward on the path to creating a simpler, stronger and growing bank,” Deutsche Bank CEO John Cryan said in a statement.

    Deutsche Bank, one of the Europe’s largest financial firms, has struggled to maintain profitability in the last two years. The bank has faced billions of dollars in fines for its role in the financial crisis from both U.S. and European authorities, low interest rates both in the United States and Europe, and a struggling European economy. The firm reported a US$1.51 billion loss in 2016 and massive US$7.38 billion loss for 2015.

    Management has made several efforts to fortify the bank and its balance sheet, including cutting expenses and selling off parts of the business.

    Up until recently, bank management had resisted selling new shares in the bank.(SD-Agencies)