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Montevideo, September 21st 2018 - 19:49 UTC

Chinese conglomerate becomes the major shareholder of Deutsche Bank

Monday, May 8th 2017 - 22:00 UTC
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Deutsche Bank has been looking to raise funds after incurring major losses due to legal probes and misconduct charges. Deutsche Bank has been looking to raise funds after incurring major losses due to legal probes and misconduct charges.

Chinese conglomerate HNA has overtaken Blackrock to become Deutsche Bank's biggest shareholder after increasing its stake in the firm to nearly 10%. HNA became a major shareholder in Europe's largest investment bank after acquiring a 4.8% stake in March.

 Its financial unit, HNA Capital, reportedly has ambitions of becoming a global investment bank.

Deutsche Bank has been looking to raise funds after incurring major losses due to legal probes and misconduct charges.

Earlier this year, the German lender abandoned plans to sell its Postbank unit and sold 8bn Euros of shares instead.

HNA, which is privately run by billionaire Chen Feng, has been on a major acquisition spree in recent years. The Chinese group owns stakes in a range of companies including Hainan airlines, hotel operator Hilton Worldwide and Singapore-listed logistics firm CWT.

 

Categories: Economy, International.

Top Comments

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  • Enrique Massot

    The world's no longer what it used to be. What's next? The Trump tower being renamed?

    May 10th, 2017 - 03:05 am 0
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