German Bank PBB to Cut Back on Office, US Loans After Crisis
- Lender will focus on Europe and asset classes such as hotels
- PBB plans to distribute at least 50% of its profits until 2027
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German lender Deutsche Pfandbriefbank AG will cut back on office and US loans after the property crisis forced it to scrap a dividend and set aside hundreds of millions of euros to cushion against defaults.
“The relatively high weighting of the asset class office is to be gradually reduced in the coming years,” PBB said in a statement Thursday.