Apr 15, 2024
Capital Group Returns as Deutsche Bank Investor After Two Years
, Bloomberg News
(Bloomberg) -- Capital Group is once again a major shareholder in Deutsche Bank AG, two years after selling out of the lender.
The US investment firm held a stake of 3.04% in Deutsche Bank as of April 10, according to a regulatory filing on Monday. The holding is worth around €900 million ($957 million) at current market prices and makes it the bank’s fourth largest shareholder, according to its website.
The filing, which marks the crossing of a 3% ownership threshold, doesn’t disclose when Capital Group started rebuilding its stake after selling a 5.2% stake in the lender in April 2022. At the time, Deutsche Bank’s stock was trading at about €11. It has since risen to around €14.7 euros.
The disclosure of Capital Group’s return is a boost for the lender’s chief executive officer, Christian Sewing. He has been seeking to win over investors and lift a share price that has only recently risen above the level it was when he took over six years ago.
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Capital Group’s 2022 exit was seen as a setback for Sewing, coming just months after Cerberus Capital Management wound down some of its holdings in Deutsche Bank too.
Capital Group and Deutsche Bank declined to comment.
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