HNA Cuts Deutsche Bank Stake, Vows to Remain Major Investor
- Stake in bank cut to 7.9% from 8.8% in February, HNA says
- Chinese conglomerate is selling assets to raise $16 billion
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Deutsche Bank AG’s biggest shareholder cut its stake in the lender, it disclosed Saturday, after saying in February that another reduction wasn’t planned.
HNA Group Co., a troubled Chinese conglomerate, reduced its holdings to 7.9 percent from 8.8 percent as it allowed portions of a complex derivatives arrangement, which it uses to finance its stake, to expire, according to a regulatory filing.