HNA becomes largest shareholder of Deutsche Bank with 9.92% stake
HNA Group, the Chinese aviation-to-hotels conglomerate, increased its stake in Deutsche Bank to almost 10%, overtaking Blackrock as the top shareholder in Europe’s largest investment bank.
HNA’s holding in Germany’s biggest bank rose to 9.92%, according to a regulatory filing Tuesday by investment entities acting on HNA’s behalf.
The conglomerate initially reported a 3% stake in Deutsche Bank in February, saying at the time that it may increase its holding, while intending to remain below 10%. It disclosed a stake of almost 4.8% in March.
Led by billionaire Chen Feng, 63, 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 Worldwide Holdings Inc.
HNA’s holding surpasses BlackRock’s 5.9% investment, which had been the largest stake in Deutsche Bank according to data compiled by Bloomberg. The Chinese conglomerate has spent USD 30 billion on deals over the past year.
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