Capital Group Pulls Back From European Banks With Block Trades
- The bank stakes were worth a combined 1.75 billion euros
- The trades come weeks after Capital Group sold Barclays shares
The Commerzbank AG headquarters in Frankfurt, Germany.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
One of the world’s biggest mutual funds is getting more bearish on European banks.
Capital Group’s behemoth EuroPacific Growth fund appears to be the driving force behind more than $3 billion of block trades in three major lenders in the last few weeks, according to people briefed on the matter and data compiled by Bloomberg. The $161 billion fund was among the biggest shareholders of Barclays Plc, Commerzbank AG and Deutsche Bank AG before the sales.