Chinese conglomerate HNA Group has raised its stake in German banking giant Deutsche Bank to 9.9%, becoming the lender’s biggest shareholder.
The Chinese firm has acquired the stakes through the Austrian asset management firm C-Quadrat.
Go deeper with GlobalData
In February 2017, HNA purchased a 3.04% stake in Deutsche Bank and unveiled plans to acquire further stakes, adding that its holding would be less than 10%.
Deutsche Bank has been focusing to raise funds after it incurred losses due to legal investigations and misconduct charges.
The bank was recently fined a combined $156.6m in penalties by Federal Reserve for violating foreign exchange norms and failing abide by to maintain Volcker Rule.
Earlier this year, the bank also abandoned its plans to sell its Postbank business and instead sold EUR8bn of shares.
HNA, which is led by billionaire Chen Feng, also holds shares in Hainan airlines, hotel operator Hilton Worldwide and Singaporean logistics company CWT.
