FRANKFURT (Reuters) - Chinese conglomerate HNA Group (0521.HK) has hiked its stake in Deutsche Bank (DBKGn.DE), which is in the midst of an 8 billion euro ($8.62 billion) capital increase, to 4.76 percent from 3.04 percent, Germany’s flagship lender said on Thursday.
HNA, which holds the stake via investment vehicle C-Quadrat, is the bank’s third-biggest shareholder after Qatar, which has close to 10 percent of stock, and BlackRock (BLK.N), which owns 6.1 percent.
Although HNA has said that its investment in Deutsche Bank is passive, the desire to boost its holding suggests HNA may have strategic ambitions.
The Chinese group has been on a acquisition spree that has seen it expand from its traditional business of aviation and logistics into financial services, betting on asset managers and consumer finance for growth at home and overseas.
The moves reflect a broader push by China into financial services globally as Beijing encourages its corporate sector to expand overseas, although it faces increased regulatory scrutiny in the United States and Europe.
Reporting by Arno Schuetze; Editing by Harro ten Wolde