Chinese conglomerate HNA Group Co Ltd has cut its stake in Deutsche Bank AG to around 8.8 percent, but plans to remain a “significant” investor in the German lender, the asset management company that handles the stake said.
“A further reduction of our holding is not planned. HNA will continue to be a significant investor in Deutsche Bank,” a spokesman for asset manager C-Quadrat said.
The aviation-to-financial services conglomerate is suffering financial strain following a $50 billion acquisition spree over the past two years, which has sparked regulatory scrutiny of its opaque ownership and use of leverage.
A message to an HNA spokesman seeking comment was not immediately answered.
The Financial Times first reported the stake sale, noting that HNA had initially held 9.9 percent of Deutsche Bank but that filings showed last week its share of voting rights had fallen to 9.2 percent.
C-Quadrat said the holding was “approximately 8.8 percent” as of Feb. 16.
