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Cerberus takes 3 per cent stake in Deutsche Bank

[contf] [contfnew] [hhm]CityAM[hhmc] [contfnewc] [contfnewc] US investor Cerberus has become one of ..

By admin , in Money , at November 15, 2017

US investor Cerberus has become one of the largest shareholders in Deutsche Bank, taking a three per cent stake in the lender, Deutsche Bank said today.

It comes after the private equity investor bought up a stake in Germany's second-largest bank, Commerzbank, in the summer.

Read more: Reports: Deutsche Bank picks senior bookrunners for asset management IPO

In a statement, Cerberus said there were long-term opportunities in the German retail banking sector because of the country's "robust economy, high savings rate, and a number of other factors".

The move by Cerberus is fuelling speculation that Commerzbank and Deutsche Bank could merge. The two lenders talked about a merger briefly last year, but did not go forward with the deal.

The merged firms would hold a 10 per cent share of the German retail banking sector, and the overlaps between the two leaves potential to close branches and cut costs.

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