By Tom Sims and Alexander Hübner

FRANKFURT Reuters – Shares in Deutsche Bank Commerzbank and (DE-) both traded significantly lower Tuesday, following Tuesday’s more than 5% sale by an undisclosed individual of Germany’s two top lenders.

This large shareholder’s exit follows Cerberus, a U.S.-based private equity firm in the same month. It comes at a time when both banks are implementing turnaround strategies to improve profitability and restore investor confidence.

Mid-morning, Deutsche Bank and Commerzbank were both down 9.7% each.

Deutsche Bank stated that they remain “confident” with their strategy.

It said that “Our focussed business model and our risk-management abilities have proved their resilience during difficult times.”

Commerzbank stated that the sale will not change its strategy.

It stated that the bank’s risk management and business model have been effective during difficult times.

Based on information from a bookrunner, the proceeds of the sale to an unnamed investor were 1.75 billion Euros ($1.9 billion). Morgan Stanley (NYSE:).

Capital Group of Los Angeles, one of few investors holding such large stakes in both banks is Capital Group.

The spokesperson of the investor did not respond to requests for comment Tuesday.

($1 = 0.9210 euros)