Swiss asset manager Teleios Capital Partners LLC has increased its stake in Aareal Bank AG to 4.47% and is pushing for a strategic review of the German lender's IT unit Aareon AG.

Teleios said that the board of Aareal Bank declined its request for a structured and independent review of all strategic alternatives Aareon. It said Aareal's review fell "well short" of what was needed.

"We reiterate our view that the leadership and oversight, incentives and corporate culture that Aareon needs to prosper will only be fully achieved under separate ownership," Teleios said.