Cerberus Capital Management has taken a 3% stake in
Cerberus in July disclosed owning about 5% in Deutsche Bank’s smaller crosstown rival Commerzbank AG. Deutsche Bank reversed declines after the news, rising 0.7% at 1:47 p.m. in Frankfurt after losing as much as 3.2% earlier in the day.
Both Deutsche Bank and Commerzbank are reemphasizing their core German operations and trying to improve their domestic retail business. Deutsche Bank Chief Executive John Cryan has settled billion-dollar legacy misconduct cases and in April raised 8 billion euros ($9.5 billion) from shareholders. He’s struggled to boost revenue after reducing risk in the investment bank and as he integrates the Postbank consumer banking business.
After the April capital raising, China’s HNA Group became Deutsche Bank’s largest shareholder, owning about 9.9% of the stock. Other top shareholders include the Qatari royal family and BlackRock Inc., the world’s largest asset manager.