Deutsche Pfandbriefbank: Withdrawal from USA triggers share sale!

Deutsche Pfandbriefbank: Withdrawal from USA triggers share sale!

Deutsche Pfandbriefbank (pbb) shares experienced a strong premarket sell-off today, falling by over 4% on Tradegate. However, the losses were partially contained by the start of trading at 9:00 a.m. in Frankfurt. The decline is the direct result of a management decision to announce a full return from US operations. A month ago, CEO Kay Wolf had already indicated that such a withdrawal would be examined.

The decisive step is particularly due to a loss of investor confidence caused by the unclear policies of the Trump administration and the declining economic development in the first quarter. The board of directors plans to sell a portfolio of 4.1 billion euros in a value-preserving manner. However, analysts fear that this withdrawal could increase earnings pressure on pbb, as interest income will also disappear with the loss of the US portfolio.

Negative business impact for 2025

The complete withdrawal from the US market is expected to have a negative impact on business figures for 2025. Management expects special expenses that could potentially lead to a loss in the current year. In this context, the forecast for 2025 has been withdrawn as a precautionary measure, while the medium-term forecasts for 2027 remain unchanged.

pbb is faced with additional challenges as the common equity core capital ratio of at least 14% must be maintained at all times. Financing the withdrawal will be complicated as the company plans to phase out or sell risk-weighted assets (RWA) worth around €2.6 billion.

Strategic realignment and acquisition plans

In parallel to the restructuring in the US business, pbb is planning a majority takeover of a German real estate manager. The discussions are already at an advanced stage and the purchase price is expected to be in the mid double-digit million euro range. This transaction is intended to strengthen the “pbb invest” division and diversify income streams. However, the takeover still requires approval from regulators, which brings additional uncertainty to market reactions and the bank's future development.

pbb is therefore in a challenging phase. While the withdrawal from an important market is being completed, an attempt is underway to consolidate its position in the German real estate market through targeted takeovers. Investors should also note a stop price of EUR 4.50, as the share is currently valued more favorably with a price-earnings ratio (P/E) of 8 than the ten-year average of 11.

The situation at Deutsche Pfandbriefbank remains tense and the financial impact of the withdrawal from US business has not yet been fully quantified. For investors, it remains to be seen how these strategic decisions will impact the future of the company. provides information on this The shareholder as well as Wall Street Online.