(Bloomberg) -- Deutsche Bank AG sold about $4 billion of holdings seized in the implosion of Archegos Capital Management in one large private deal on Friday, helping it emerge unscathed from a scramble that may cost some rivals billions of dollars.

The German bank executed the direct sale after Archegos defaulted on margin loans used to build up highly leveraged bets on stocks, people with knowledge of the matter said. Other lenders had already started selling by that time, the people said, asking not to be identified discussing confidential information. The name of the buyer of the holdings wasn’t immediately available.

The Archegos margin call, one of the biggest in history, could cause as much as $10 billion of losses for banks, analysts at JPMorgan Chase & Co. estimate. Credit Suisse Group AG expects a hit in the billions of dollars, people with knowledge of the matter have said, while Nomura Holdings Inc. has signaled it may lose as much as $2 billion.

Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co. dumped multibillion-dollar blocks of stock, in some cases through the weekend, to recover capital they loaned to Archegos, a private investment firm run by speculative trader Bill Hwang.

Goldman has been the largest known seller of Archegos holdings, offloading $10.5 billion on Friday. The biggest of those blocks was 20 million shares of Baidu Inc. for about $3.7 billion.

Bloomberg has reported that banks led by Credit Suisse sought to broker some kind of standstill agreement with Hwang last week, seeking to untie positions without causing panic. But any agreement was elusive and the trades started to become public on Friday, triggering a selloff.

It’s unclear whether Deutsche Bank’s sale was to one firm or a consortium. If it was a single buyer, it would be the largest known transaction to emerge from the messy unwind of Hwang’s huge portfolio. It also brings to almost $30 billion the known value of Archegos investments that have been liquidated so far.

A Deutsche Bank spokesman said on Monday that the firm was able to de-risk its Archegos exposure and doesn’t expect to incur any losses on the trades.

The share price of Credit Suisse has declined roughly 19% since the beginning of the week on concern about the size of its potential Archegos hit. Deutsche Bank is down about 2%.

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