HNA Group has further cut its stake in Deutsche Bank just a week after filings revealed the Chinese airline-to-finance conglomerate’s share of voting rights in the German bank had fallen to 9.2 per cent.
C-Quadrat, the Austrian asset manager through which HNA had initially bought a 9.9 per cent stake in Deutsche Bank, said it had further reduced its stake to “approximately 8.8 per cent” as of February 16 and that “further reduction of our holding is not planned.”
The asset manager also reiterated a previous statement that HNA will “will continue to be a significant investor in Deutsche Bank”.
HNA Group had previously revealed in a filing on February 9 that its share of voting rights had fallen from 9.9 to 9.2 per cent and that it had lent 4.9 per cent of its stake in the bank to raise funding while retaining a right to recall the stock.
The heavily leveraged Chinese group first built up its holdings of Deutsche Bank shares to nearly 10 per cent in early 2017, drawing scrutiny for the complex financing used to acquire the stake in one of Europe’s most prominent banks.
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