HNA Group Co. Ltd. reduced its stake in Deutsche Bank AG, held through Austrian asset manager C-QUADRAT Investment AG, to approximately 8.8%, the Financial Times reported.
This is the second reduction of HNA's stake in the German lender after C-QUADRAT announced Feb. 9 that its share of voting rights in Deutsche Bank had fallen to 9.2% from 9.9%, the FT reported. The asset manager had lent some of its Deutsche Bank stake to raise funds, but retained the right to recall the stock, according to the report.
C-QUADRAT said it is not planning a further reduction of its holding in the lender, adding that HNA "will continue to be a significant investor in Deutsche Bank."
In May 2017, HNA became Deutsche Bank's largest shareholder, surpassing U.S. investment manager BlackRock Inc., with a 9.92% stake.
Meanwhile, German financial regulator Bafin is reportedly investigating the Chinese conglomerate over whether it correctly disclosed its holdings when building its stake in Deutsche Bank.