European stocks rise on news Greece is making changes in negotiations with creditors

European stocks moved higher Monday impacted by a report saying that Greece has made changes to a key team negotiating with its international creditors. 

Euclid Tsakalotos, Greece’s alternate foreign minister, is to head a new policy negotiating team

The Stoxx Europe 600 rose 0.4% to 410.19, with all sectors climbing out of the red to trade higher.

In Frankfurt, the DAX 30 rose 1% to 11,925.03.

Meanwhile, a boardroom shake-up has pushed shares of car maker Volkswagen AG higher which topped the DAX, rising 3.7%. The car maker’s chairman, Ferdinand Piech, unexpectedly resigned over the weekend following a failed move to oust Chief Executive Martin Winterkorn.

Deutsche Bank was in the red territory. FactSet data said that Deutsche Bank shares were putting in the worst performance as they fell 4.2%, the worst session since January 2014. The largest bank in Germany said first-quarter net profit dropped about 50% to 559 million euros ($607.8 million), cut down by penalties the company agreed to pay to settle allegations over manipulating the London interbank offered rate, or Libor.

Paris's CAC 40 turned higher, climbing 0.5% to 5,228.49, and the U.K.’s FTSE 100 tacked on 0.3% to 7,093.33. Shares of HSBC Holdings PLC rose 3.1%, the best on the Stoxx 600, following a Sunday Times report the lender is weighing a deal valued at 20 billion pounds ($30.4 billion) to spin off its British retail bank.

On the politico-economic arena, Greece’s Prime Minister Alexis Tsipras has made changes to its team negotiating withthe international creditors, according to media reports Monday afternoon. Analysts suggest that the move could cut the influence that Greek Finance Minister Yanis Varoufakis has on the talks, which have been criticized moving too slowly. Now Euclid Tsakalotos, Greece’s alternate foreign minister, will head a new policy negotiating team.

Greece’s Athex Composite rose 1% to 769.06. The yield on 2-year debt slid 10 basis points to 25.19%, as prices rose.

In the recent weeks, European stocks have seen bouts of selling in part on fears that Greece appears unlikely to reach a deal with creditors and that it will leave the euro zone, MarketWatch reports.