Deals
HNA Cuts Its Stake in Deutsche Bank
- Stake declines to 9.2% from 9.9% as part of financing changes
- ‘HNA will continue to be a significant investor in Deutsche’
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Deutsche Bank’s largest investor, China’s cash-strapped conglomerate HNA Group Co., reduced its stake in the German lender slightly while pledging to remain a “significant” holder as it reorganizes the financing of the stake.
HNA held 9.2 percent of voting rights in Deutsche Bank, according to a regulatory filing Friday, down from 9.9 percent previously. HNA holds about 4.3 percent of shares, with the remainder tied to a right to recall shares that have been loaned, the filing showed.