February 28, 2020 / 12:14 PM / a month ago

UPDATE 1-Commerzbank investor Capital Group increases stake to almost 5%

* Capital Group also owns big stake in Deutsche Bank

* Capital Group now among Commerzbank’s largest investors (Updates with details, background)

FRANKFURT, Feb 28 (Reuters) - Capital Group has increased its stake in Commerzbank to 4.82% from 2.93%, a regulatory filing showed, making the Los Angeles-based investor one of the German bank’s largest shareholders.

Capital Group earlier this month bought a big stake in rival Deutsche Bank, marking a vote of confidence in that troubled lender.

Shares in Commerzbank briefly jumped on the news of the Capital investment, making up some of its earlier losses, but were still trading 5% lower early afternoon in Frankfurt amid a global selloff.

Commerzbank declined to comment. Capital Group did not immediately respond to a request for comment.

The activist investor Cerberus also owns a big stake in both banks.

Both Commerzbank and Deutsche Bank were in talks to merge last year but called off the negotiations. Cerberus had been pushing for a merger, people with knowledge of the matter said at the time.

Reporting by Tom Sims Editing by Michelle Martin; editing by David Evans

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