Deutsche Bank to sell stake in China’s Hua Xia

(From DW)

Deutsche Bank has said it’s selling off its stake in China’s Hua Xia. Germany’s biggest lender indicated the move was in line with its new strategy to withdraw from a number of foreign markets to save money.

Deutsche confirmed Monday it was aiming to sell its stake of nearly 20 percent in Chinese lender Hua Xia for more than 3 billion euros ($3.3 billion) to China-based PICC Property and Casualty Company.

The transaction was still subject to regulatory approvals, including one from the China Banking Regulatory Commission.

Deutsche Bank said the sale would have “a positive financial impact” and boost its capital ratio amid a large-scale restructuring effort at the scandal-ridden German lender. Read more

 



Categories: Asia Unhedged, China

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