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China’s HNA snaps up 3% stake in Deutsche Bank

HNA Capital, the conglomerate’s financial services arm, said that the Deutsche stake was part of its asset management growth strategy, adding: “Consistent with this strategy as well as our obligations under shareholding disclosure rules in Germany, we today disclosed a 3.04 per cent passive stake in Deutsche Bank. Any further inferences with respect to the nature of this investment or our future intentions are purely speculative.”

C-Quadrat, the asset manager through which HNA acquired and holds its stake in Deutsche, said that the conglomerate considered the bank a “very attractive investment” and wanted to “support the bank and its management as an anchor investor”.

“We have full faith in the management and will watch its future steps very carefully, and support them where necessary as a shareholder,” he said, adding that the conglomerate did not rule out a “moderate” increase in its stake, but had no intention of going above 10 per cent.