The planned withdrawal from the US real estate financing market has pushed Deutsche Pfandbriefbank deep into the red in the first half of the year. The total one-off effects of the US pullback amount to 314 million euros, CEO Kay Wolf told journalists when presenting the quarterly figures. This will lead to a loss of 249 million euros in the first half of the year. Wolf emphasised at the same time that the bank could comfortably shoulder both this one-time expense and the announced acquisition of the Deutsche Investment Group.

The US farewell is has not provided Pfandbriefbank with much of a tailwind on the stock market. The share price of the specialist bank for commercial real estate financing is now trading around the same level as it was at in mid-May when the board announced that it would examine all options for its US business with an open mind.

Pfandbriefbank CEO Kay Wolf cited the poor performance of the bank's exposure in the US compared to its exposure in Europe. The risk profile of the Pfandbriefbank portfolio in the US is considerably higher. Although it only accounts for 12% of the total portfolio, it represents around 45% of non-performing loans.

However, the response to the real estate crisis in the US is dividing banks in Germany. In contrast to Deutsche Pfandbriefbank, the majority of institutions are sticking with the market, which, although it entails higher risks than business in Europe, promises better returns.

Helaba and Aareal Bank have different areas of focus in the United States, but show no signs of withdrawing. Aareal Bank had already announced in May that it would continue with new real estate business in the US market.

BayernLB also shows no signs of pulling out. As of August, the Landesbank had a US loan book amounting to around 3% of its CRE gross credit volume.