China's HNA becomes Deutsche Bank's biggest shareholder

Updated 2017-05-03 13:30:27 CGTN

Chinese conglomerate HNA Group has raised its stake in Deutsche Bank to 9.92 percent, making it the top shareholder in Europe's largest investment bank, Bloomberg has reported.

HNA had purchased an aggregated 204.7 million of 2.06 billion shares outstanding in Deutsche Bank, according to a regulatory filing made on Tuesday by investment entities acting on HNA's behalf, including C-Quadrat, through which HNA had purchased a 4.76 percent stake in Germany's largest lender back in March.

The move puts HNA ahead of Qatar, which holds close to 10 percent of stock and options, and New York-based global investment management BlackRock, which owns 6.1 percent.

Deutsche Bank is in the midst of an eight billion euro (nearly 8.74 billion U.S. dollars) capital increase.

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

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