March 12, 2019 / 6:46 AM / a month ago

German commercial property lenders exposed to no-deal Brexit - Moody's

FILE PHOTO: The name of German lender Hypo Real Estate 'Deutsche Pfandbriefbank AG' is pictured in front of the company's headquarters in Unterschleissheim October 15, 2010. REUTERS/Michaela Rehle/File Photo

FRANKFURT (Reuters) - Three of Germany’s five largest commercial real estate lenders have substantial exposure to the British market and could be hit hard by a no-deal Brexit scenario, Moody’s Investors Service said on Tuesday.

The three are Aareal Bank, Deutsche Pfandbriefbank and Deutsche Hypothekenbank.

The trio has maintained its UK exposure at well above 1.5 times Tier 1 core equity, even as other German banks have reduced lending to UK companies by 40 percent since Britons voted to leave the EU in 2016, Moody’s said.

Reporting by Douglas Busvine; editing by Thomas Seythal

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