HNA boosts Deutsche Bank stake to 4.76% from 3.04%
HNA Group has raised its stake in Deutsche Bank, which is in the midst of an 8 billion euro (USD 8.62 billion) capital increase, to 4.76% from 3.04%.
HNA, which holds the stake via investment vehicle C-Quadrat, is the bank's third-biggest shareholder after Qatar, which has close to 10% shares, and BlackRock, which owns 6.1%.
Although HNA has said that its investment in Deutsche Bank is passive, the desire to boost its holding suggests HNA may have strategic ambitions.
The Chinese group has been on a acquisition spree that has seen it expand from its traditional business of aviation and logistics into financial services, betting on asset managers and consumer finance for growth at home and overseas.
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