Germany’s second- biggest bank, Commerzbank, may raise nearly €5.3 billion by selling new shares to help repay state aid, The Wall Street Journal reports. The bank will allow its shareholders to subscribe to 10 new shares for every 11 already held from May 24 to June 6, adds Bloomberg.

The firm is looking to raise a total of €11 billion, with €8.25 billion coming from investors and €2.75 billion from Germany’s bank-rescue fund, Soffin, which will maintain its stake of 25% plus one share in the lender. Soffin will invest €1.3 billion in new shares. Allianz will also fully participate in the rights offer.

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