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China's HNA takes 3% stake in Deutsche Bank

Friday, February 17, 2017 - 21:30

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China's HNA Group has taken a stake of just over three per cent in Deutsche Bank and said on Friday it could buy further shares in the German lender.

[FRANKFURT] China's HNA Group has taken a stake of just over three per cent in Deutsche Bank and said on Friday it could buy further shares in the German lender.

"We have the fullest confidence in Deutsche Bank's management and will keep a close watch on its future steps and lend support as a shareholder where appropriate," a spokesman for HNA said.

The Chinese aviation and shipping company intends to keep its holding below 10 per cent, he said.

HNA's stake of 3.04 per cent, worth around 750 million euros (S$1.134 billion) at current share prices, makes it the bank's biggest shareholder after Qatar, which has close to 10 per cent of stock via two sovereign wealth funds, and BlackRock, which owns 6.1 per cent.

Deutsche Bank said it welcomed in principle any investor with a long-term view.

REUTERS

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