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HNA Group has raised its stake in Deutsche Bank to 9.92 per cent, making the Chinese conglomerate the largest shareholder in Germany’s largest lender.

A filing made on Tuesday by entities including C-Quadrat, the asset manager through which HNA had already purchased a 4.76 per cent stake in Deutsche, showed the Chinese group had purchased an aggregate 204.7m of 2.06bn shares outstanding in the German bank, for a cumulative purchase price of almost €3.4bn including brokerage commissions and other expenses.

The stake puts HNA ahead of Blackrock, which according to Bloomberg data holds 5.88 per cent of outstanding shares in Deutsche.

The Chinese conglomerate, which has stakes in airlines, hotels, banks and logistics companies, said upon taking an initial stake in February that it was a passive investor in response to concerns from investors that HNA would seek to take a strategic role in the lender.

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