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California-based asset manager Capital Group has dumped nearly all of its holdings in Deutsche Bank and Commerzbank.
Clouds drift over the headquarters of Deutsche Bank and are reflected in the facade. (Photo: dpa)
Photo: Arne Dedert
California-based asset manager Capital Group has dumped nearly all of its holdings in Deutsche Bank and Commerzbank. In a mandatory announcement on Thursday, the fund giant confirmed it had cut its block of shares in Germany’s biggest bank from 5.2% to 0.01%. About two-thirds of the papers worth €1.27 billion belonged to the $165 billion EuroPacific growth fund. At Commerzbank, after the placement of 475 million euros of 72.5 million shares (5.3%), there are only 120,000 shares left in the Capital Group portfolio.
Finally, it must be noted that the investor, who had put blocks of shares of more than five per cent each in the two banks on the market on Tuesday evening for a total of 1.75 billion euros, is, as we suspects it, the Capital group. The Los Angeles asset manager had not yet commented on this.
Capital group had only increased significantly at Deutsche Bank in November and has held more than 5% at Commerzbank since October 2020. On the one hand, European financial institutions should benefit from the expected recovery in interest rates of the European Central Bank (ECB), on the other hand, the consequences of the war in Ukraine on the economy cloud their activity.