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08/26/1998 11:18:58 Deutsche Bank<DBKG.F>falls 6 pct on Russia worries

FRANKFURT, Aug 26 (Reuters) - Shares in Germany's biggest

commercial bank Deutsche Bank AG <DBKG.F> fell more than six

percent to almost a six-month low as fresh concern about

Russia's financial woes hit after Moscow set terms for

restructuring its debt.

By 1037 GMT Deutsche shares were 5.41 percent lower at

122.50 marks in Xetra DAX computer trade after falling to 121.40

marks, nearing its lowest level since March 6 of 120.25 marks.

Dealers said Deutsche Bank was falling more strongly than

other German banking shares because of its significant

liquidity, its perceived high exposure to Russia and the

continued anxiety about the Asian financial crisis.

They also said unconfirmed market rumours of a rating

downgrade were weighing on the stock.

"It's being said the rating will be lowered. I think this

makes sense. They are heavily involved in eastern countries,"

one dealer said.

Deutsche has not stated its Russian exposure but analysts

estimate it amounts to one billion marks ($550 million), of

which 50 percent is believed to be covered by loan loss

provisions.

"Deutsche is the most liquid of all the bank stocks and

there are these new worries about Russia now. Deustche Bank is

the biggest creditor," another dealer said.

"Deutsche rallied yesterday so it had quite a few gains to

give up," another dealer said.

Deutsche hit an intraday high of 131.30 marks on Tuesday

before closing at 129.50 marks compared to 127.50 marks on

Monday after news Russian President Boris Yeltsin had reinstated

Viktor Chernomyrdin as prime minister offered the market some

relief.

German banks, the biggest creditors to Russia, have been

hammered by its financial crisis since last Monday when the

government effectively devalued the rouble and imposed a 90-day

debt moratorium.

((Melanie Cheary, Frankfurt Newsroom +49 69 756525,

frankfurt.newsroom@reuters.com))

($1=1.806 Mark)

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