February 16, 2018 / 3:57 AM / 3 months ago

China's HNA Group trims stake in Deutsche Bank -FT

SHANGHAI, Feb 16 (Reuters) - Chinese conglomerate HNA Group Co Ltd has cut its stake in Deutsche Bank AG to around 8.8 percent, the Financial Times reported on Friday.

The British newspaper said HNA initially bought 9.9 percent of Deutsche Bank, but that filings showed last week its share of voting rights in the German bank had fallen to 9.2 percent.

It quoted C-Quadrat, which it identified as the Austrian asset manager through which HNA bought its stake, as saying the conglomerate had reduced its stake to “approximately 8.8 percent” as of Feb. 16.

A further reduction was not planned and HNA would “continue to be a significant investor in Deutsche Bank”, the newspaper quoted the asset manager as saying.

The aviation-to-financial services conglomerate is suffering financial strain following a $50 billion acquisition spree over the past two years, which has sparked regulatory scrutiny of its opaque ownership and use of leverage.

A message to a HNA spokesman and an email to C-Quadrat for comment were not immediately answered. (Reporting by John Ruwitch)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below