Deutsche Bank to raise up to 25.7b yuan from Huaxia sale

Frankfurt

DEUTSCHE Bank AG agreed to sell its 20 per cent stake in Huaxia Bank Co to PICC Property and Casualty Co as co-chief executive John Cryan advances plans to narrow the German company's focus and raise capital buffers.

The sale will generate as much as 25.7 billion yuan (S$5.6 billion), Frankfurt-based Deutsche Bank said in a statement on Monday. The deal would have added 30 to 40 basis points to Deutsche Bank's 11.5 per cent common equity Tier 1 ratio, using Sept 30 as a basis, it said.