Deutsche Bank AG (ETR:DBK) has reduced its stake in Plus500 Ltd (LON:PLUS) to below the 7% threshold, as reported by a filing with the London Stock Exchange, whose alternative investment market (AIM) Plus500’s stock is publicly listed.
The transaction, which took place today, culminated in Deutsche Bank taking its number of shares in the firm down from 8,308,420 to 7,901,021, which represents a 6.88% share in Plus500.
The investment bank bought 2,124,445 shares in the Plus500 on February 18, 2015, which took its shareholding to 8,308,420, standing the bank with a 7.23% stake in the brokerage. This represented a large step up from its previous shareholding which was 5.4% at the beginning of February.
Plus 500’s efficient operating model and buoyant share prices have attracted the attention of large banks since its public listing on London’s alternative investment market, with JPMorgan Chase & Co. (NYSE:JPM) having made various transactions in Plus 500 shares over recent months, and Deutsche Bank following in its footsteps in order to capitalize.
Shares in Plus500 are up 3.75 from yesterday, trading today at 688.75. This is a remarkable feat considering the overall downturn in trading volumes across the entire FX industry during February.
For the official filing with the London Stock Exchange, click here.