Deutsche Bank
Deutsche Bank is one of the largest and most systemically important banks in Europe Reuters

Deutsche Bank has unveiled plans to raise up to $8.5bn (£6.9bn) through the sale of 687.5 million new shares.

The Frankfurt-based bank also outlined plans to revamp its business structure in a statement released following the conclusion of a supervisory board meeting on 5 March.

It intends to recombine its corporate finance, global markets and global transaction banking businesses into one unit after splitting them up just 18 months ago.

Postbank, which was put up for sale in 2015, will be combined with Deutsche Bank's retail banking business, while Deutsche Asset Management will constitute the third arm of the lender's operations.

The lender also plans to raise $2bn through asset sales to bring its capital ratio above 13%.

The revamp is intended to return Deutsche Bank to growth and profitability after years of losses and legal troubles.

Germany's largest lender agreed to pay $7.2bn to the US Department of Justice in December to settle allegations it mis-sold mortgage securities in the lead up to the 2008 financial crisis.

"Without placing any self-imposed limits on our thinking, we selected the right structure for us to react quickly and firmly to the needs of our clients, given a dynamic market environment and new regulatory requirements," Deutsche Bank chief executive John Cryan said.

"With today's decisions we are creating a Deutsche Bank which is stronger and which can look forward again and grow with confidence."

The lender also announced a reshuffle of some of its key management positions, with chief financial officer Marcus Schenck and retail bank chief Christian Sewing named deputy chief executives.

Paul Achleitner, chairman of Deutsche Bank's supervisory board, said: "After the difficult restructuring of recent years, the Supervisory Board is convinced that these strategic, financial and personnel measures provide a firm foundation for sustainable growth.

"We are and will remain a bank rooted in Germany and Europe and with a sizeable presence in the global business with corporates, institutions and wealth management clients."