Cerberus Capital Management has acquired a 3% stake in Deutsche Bank boosting its exposure to the German financial sector.
The US private equity group already holds a 5% stake in Commerzbank prompting speculation of a merger between the two German ship finance banks.
Cerberus’ stake in Deutsche Bank is worth just under EUR 1bn ($1.2bn) and makes it the fifth largest shareholder in the bank.
“We have a constructive view of European fundamentals and believe Germany is a highly attractive place to invest, in particular,” said a spokesman for Cerberus.
“Within Germany, we believe there are attractive long-term opportunities in retail and corporate banking due to Germany’s robust economy, high savings rate, and a number of other factors.”
Deutsche Bank’s other top investors include China’s HNA Group, with a 9.9% stake, as well as the Qatari royal family and BlackRock.
Last year, Deutsche Bank and Commerzbank held discussions about a potential tie-up but talks reportedly came to nothing.
Deutsche Bank chief executive John Cryan, speaking at a conference in London Wednesday, said he wouldn’t be surprised to see a consolidation in Germany’s banking market next year, once a new government is in place.
Earlier this year Cerberus was being linked with a possible takeover of the once great ship finance giant HSH Nordbank.
Cerberus, which has more than $30bn in assets, is said to be particularly interested in HSH Nordbank’s non-performing shipping loans.
Cerberus is also no stranger to the shipping markets having held stakes in companies like VLCC tanker owner DHT Holdings.
