Deutsche Bank  and Commerzbank  shares fell after an investor sold stakes worth a total of €1.75 billion ($1.90 billion) in Germany’s two biggest lenders.

The U.S. investment firm Capital Group was identified as the seller of the stakes, according to The Wall Street Journal.

Capital Group sold stakes of more than 5% in both banks, the Journal report said, citing people familiar with the trades. Capital Group declined to comment.

Shares in Deutsche Bank (ticker: DB) were down more than 8% in late afternoon trading in Frankfurt on Tuesday, while smaller peer Commerzbank (CBKG.DE) fell 1.2%.

Monday’s share sale comes after U.S. private-equity group Cerberus in January cut its stake in Deutsche Bank and Commerzbank by more than a third.

“We remain confident in our strategy,” Deutsche Bank said in an emailed statement to Barron’s. “Our focused business model and risk management capabilities have proven their resilience in challenging times.”

“The sale of a share portfolio does not change our strategy,” Commerzbank said in an emailed statement, adding that the bank’s business model and its risk management have “proven their worth in challenging times”.