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Deutsche Bank to drop out of Euro Stoxx 50

Deutsche Bank AG will drop out of the Euro Stoxx 50 index on Sept. 24, the lender confirmed to the Financial Times.

Deutsche Börse's index division told clients about changes to the Euro Stoxx 50 on Sept. 3.

The move reflects the decline in the Frankfurt-based banking group's market capitalization, which has dropped 30% to €20 billion in 2018, the FT reported. But Deutsche said the decision does not affect its commitment to its restructuring and improving its profitability, the report added. CEO Christian Sewing has said the bank still has global ambitions.

Deutsche reportedly noted that its overhaul would support its valuation by the market, effectively increasing its market capitalization.

The Euro Stoxx 50 is the leading index of blue-chip companies across nine sectors in Europe, with seven banks currently in the index, the FT said. Deutsche's German peer Commerzbank AG could drop out of Germany's blue-chip DAX index, to be replaced by payments provider Wirecard AG.