HNA holds big­gest stake in Ger­man bank

China Daily (Canada) - - VIEWS -

FRANK­FURT/BEI­JING — HNA Group Co, the Chinese avi­a­tion-to-ho­tels con­glom­er­ate, in­creased its stake in Deutsche Bank AG to al­most 10 per­cent, over­tak­ing Black­rock Inc as the top share­holder in Europe’s big­gest in­vest­ment bank.

HNA’s hold­ing in­Ger­many’s big­gest bank rose to 9.92 per­cent, ac­cord­ing to a reg­u­la­tory fil­ing on Tues­day by in­vest­ment en­ti­ties act­ing on HNA’s be­half.

The con­glom­er­ate ini­tially re­ported a 3 per­cent stake in Deutsche Bank in Fe­bru­ary, say­ing at the time that it may in­crease its hold­ing, while in­tend­ing to re­main be­low 10 per­cent. It dis­closed a stake of al­most 4.8 per­cent in March.

Deutsche Bank Chief Ex­ec­u­tive Of­fi­cer John Cryan is fo­cus­ing his at­ten­tion on re­turn­ing the lender to growth af­ter grap­pling with losses re­sult­ing from le­gal probes and mis­con­duct charges. Last month, the bank sold an ad­di­tional 8 bil­lion euros ($8.8 bil­lion) of shares to bol­ster cap­i­tal af­ter aban­don­ing an ear­lier plan to sell its Post­bank unit.

HNA has been on a buy­ing spree, ac­quir­ing stakes in Swiss duty-free op­er­a­tor Dufry AG, Sin­ga­pore-based lo­gis­tics provider CWT Ltd and ho­tel op­er­a­tor Hil­ton World­wideHold­ings Inc.

The Chinese com­pany was re­ported to have bid for HSH Nord­bank, a re­gional bank in Ger­many, and ear­lier this year it took a stake in as­set man­ager SkyBridge Cap­i­tal through HNA Cap­i­tal, which has am­bi­tions of be­com­ing a global in­vest­ment bank and fi­nan­cial-ser­vices provider.

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