Chinese Conglomerate HNA cuts stake in Deutsche Bank to 6.3 percent


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Chinese Conglomerate HNA cuts stake in Deutsche Bank to 6.3 percent

According to a filing with the US Security & Exchange Commission (SEC), HNA, the Chinese Conglomerate had axed their stakes in Deutsche bank to 6.3 percent, and regardless of recent trimming of the stakes, HNA would still hold a 7.64 percent voting rights on Deutsche Bank and remain one of the largest stake holders of the Germany’s largest lender.

In early 2017, HNA had bought nearly 10 percent of Deutsche Bank’s stakes, however, following the reveal of its tie-up with a 200-billion-euro money-laundering scandal, processed by two Deutsche Bank executives on behalf of Danske Bank’s Estonian branch, the HNA had slashed its stakes in multiple installments.

However, besides the North China Sea, the HNA had also been struggling amid debt concerns, and it would consider further trimming of stakes in a near-term outlook, one of the sources with knowledge regarding the subject matter revealed.

As of now, HNA has 7.64 percent voting rights through a mix of ordinary shares and financial instruments, as mentioned earlier, and other major shareholders of crisis-sickened German Deutsche bank include the BlackRock, a Royal Family of Qatar, alongside the Cerberus.

While being asked for comments, both HNA and Deutsche bank representatives declined to respond immediately.