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China's HNA Group further trims stake in Deutsche Bank

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China's HNA Group further trims stake in Deutsche Bank

Deutsche Bank AG's top shareholder, Chinese conglomerate HNA Group Co. Ltd., has further cut its stake in the German lender to 5.11%, the Financial Times reported, citing a German regulatory filing.

HNA, which owns the stake through Austrian asset manager C-Quadrat Investment AG and a chain of offshore holding companies, now actually owns only 0.19% of Deutsche Bank, as the rest of the stake is covered by derivatives that will gradually unwind, according to the report.

The expiry of the derivatives led to the reduction of HNA's stake in the bank, the FT noted, citing a February filing with U.S. regulators.

In September 2018, the beleaguered Chinese conglomerate was reported to be planning to gradually sell its stake in Deutsche Bank over the next 18 months amid pressure by Chinese regulators to address its liquidity problems and mounting debt. The group recently trimmed its stake in the bank to 6.3%.