China's HNA Group would
like to hike Deutsche Bank stake: sources
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[March 10, 2017]
By Julie Zhu
HONG
KONG (Reuters) - Chinese conglomerate HNA Group would like to increase
its stake of 3 percent in Germany's Deutsche Bank, two sources with
knowledge of the matter told Reuters.
However, the Chinese company would have to resolve some issues before it
could complete any deal, said one of the sources, who has direct
knowledge of the matter, without elaborating.
Representatives of HNA and Deutsche Bank declined to comment.
HNA purchased a 3.04 percent stake in the German lender last month,
making it the bank's third-biggest shareholder after Qatar, which has
close to 10 percent of stock, and BlackRock <BLK.N>, which owns 6.1
percent.
Deutsche Bank's top three investors are likely to back its latest
capital hike, which will see the bank attempt to raise 8 billion euros
($8.5 billion) to back another revamp, Reuters reported on Thursday.
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Although HNA said last month the investment in Deutsche Bank was
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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![](../images/031017pics/busine37.jpg)
The head quarters of Germany's Deutsche Bank are photographed early
evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai
Pfaffenbach
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With
more than $100 billion in assets, HNA's other financial investments this year
have included a hedge fund platform and a New Zealand lender. The group is also
bidding for UK-listed insurer Old Mutual's $900 million controlling stake in its
U.S. asset management business, sources have said.
The moves reflect a broader push by China into financial services globally as
Beijing encourages its corporate sector to expand overseas, although it faces
increased regulatory scrutiny in the United States and Europe.
A person familiar with HNA strategy said the group saw financial services -
particularly asset management - as an attractive strategic sector as the Chinese
continue to grow in wealth and their demand for investment opportunities
increases, Reuters reported on Friday.
(Reporting by Julie Zhu; Additional reporting by Matt Miller in Beijing and the
Frankfurt Newsroom; Writing by Michelle Price; Editing by Clarence Fernandez and
Muralikumar Anantharaman)
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