March 1, 2019 / 5:14 PM / a year ago

Qatar fund seeking Deutsche Bank stake of at least 5 percent - Spiegel

FILE PHOTO: People are silhouetted next to the Deutsche Bank's logo prior to the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - The sovereign wealth fund of Qatar is seeking a stake of at least 5 percent in Deutsche Bank, a German magazine reported on Friday.

Der Spiegel, citing unidentified sources, said the Qatar Investment Authority (QIA) could buy the stake on the open market or from Chinese conglomerate HNA, which has a 6.3 percent holding in Germany’s biggest bank.

Discussions with Germany’s financial market watchdog Bafin are already underway, the report said.

Deutsche Bank, the QIA and Bafin declined to comment.

The Qatari royal family already holds a 6.1 percent stake in Deutsche Bank, according to the bank’s website.

Reporting by Andreas Framke and Tom Sims; Editing by Mark Potter

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