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HNA Cuts Deutsche Bank Stake, Reversing Previous Commitment

Conglomerate HNA seeks to sell assets to raise $16 billion
Move comes as Deutsche Bank goes through management shift

HNA Group cut its stake in Deutsche Bank two months after saying it wouldn’t. Bloomberg’s Dave McCombs reports.(Source: Bloomberg)

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By Steven Arons and Ross Larsen

April 22, 2018 at 5:00 PM UTC

Updated on

April 23, 2018 at 8:53 AM UTC

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HNA Group Co., one of Deutsche Bank AG’s biggest shareholders, cut its stake in the company two months after saying it wouldn’t as the Chinese conglomerate tries to raise $16 billion to deal with financing problems at home.

HNA, which shot to international prominence by spending more than $40 billion on acquisitions across six continents since 2015, reduced its holding in the German lender to 7.9 percent from 8.8 percent as it allowed portions of a complex derivatives arrangement to expire, according to a filing on Saturday.