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China's HNA raises Deutsche Bank stake to nearly 10 pct-source
May 2, 2017 / 7:56 PM / 7 months ago

China's HNA raises Deutsche Bank stake to nearly 10 pct-source

FRANKFURT, May 2 (Reuters) - Chinese conglomerate HNA Group has raised its stake in Deutsche Bank to 9.9 percent, a source close to Germany’s flagship lender said on Tuesday.

The move would make HNA, which holds the stake via investment vehicle C-Quadrat, the bank’s biggest shareholder ahead of Qatar, which has close to 10 percent of stock and options, and BlackRock, which owns 6.1 percent.

HNA last lifted its stake in Deutsche in March to 4.76 percent. A regulatory filing on the increase is expected in the coming days, two sources close to the bank said.

Deutsche, which is in the midst of an 8 billion euro ($8.74 billion) capital increase, declined to comment. C-Quadrat also declined to comment. The move was first reported by Bloomberg on Tuesday.

The Chinese group has been on a acquisition spree that has seen it expand from its traditional business of aviation and logistics into financial services, betting on asset managers and consumer finance for growth at home and overseas.

The moves reflect a broader push by China into financial services globally as Beijing encourages its corporate sector to expand overseas, although it faces increased regulatory scrutiny in the United States and Europe. ($1 = 0.9156 euros) (Reporting by Alexander Huebner, writing by Emma Thomasson. Editing by Katrin Jones and Jane Merriman)

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