Cerberus-Backed German Lender HCOB Is Said to Explore Sale

Hamburg Commercial Bank AG, the former state-owner lender now backed by investment firms including Cerberus Capital Management, is exploring options including a potential sale, according to people with knowledge of the matter.

The lender and its owners are working with Goldman Sachs Group Inc. and Morgan Stanley on the possible transaction, said the people. The bank is seeking a valuation above its tangible common equity of €3.3 billion ($3.8 billion) in any deal, the people said, asking not to be identified discussing private information.

A deal would mark one of the first exits from Cerberus’ slew of banking ...