Cerberus’ sale this week of part of its sizeable holdings in Deutsche Bank and Commerzbank is likely the first step to a full exit from the lenders by the U.S. investor, said two people with knowledge of the matter.
But Cerberus in 2017 bet big on Germany by buying a 3% stake in Deutsche Bank and a 5% stake in Commerzbank, a move that the two people said was meant in part to capitalise on the prospect of bank mergers.
Cerberus, which raked in $500 million in proceeds in Monday’s partial sale of the stakes, didn’t respond to requests for comment.
Red more: Reuters
