HNA Buys 3% of Deutsche Bank
(Beijing) — Private equity firm HNA Group Co. Ltd. has bought 3% of leading German lender Deutsche Bank AG, adding to a multibillion-dollar global buying spree as it makes a nascent push into financial services.
No price was given for the purchase announced on Friday. But at current market rates the 3.04% stake would be worth about 750 million euros ($796 million). HNA could eventually raise its stake to as much as 10%, according to a Reuters report, citing the Chinese company.
Deutsche Bank’s current largest institutional shareholders are the government of Qatar, which holds about 6% through two sovereign wealth funds, followed by BlackRock Inc., with 6.07%.
HNA announced its purchase as Deutsche Bank reported a loss of 1.9 billion euros in last year’s fourth quarter, much of that related to litigation-related expenses.
The purchase marks the latest step by HNA into the global financial services market, as it diversifies beyond its traditional realm of travel- and tourism-related investments.
In January the company said it would pay NZ$660 million ($474 million) for UDC Finance Ltd., the New Zealand asset finance arm of Australia’s Australia & New Zealand Banking Group Ltd. (ANZ). Later that month it also joined a group buying SkyBridge Capital, as the U.S. hedge fund specialist’s founder, Anthony Scaramucci, prepared to leave for a role in the new administration of U.S. President Donald Trump.
Contact reporter Yang Ge (firstname.lastname@example.org)
- 1In Depth: Why Chinese Developers’ Offshore Bonds Are So Cheap
- 2In Depth: Hong Kong’s Strategy to Break Cayman Islands’ Stranglehold on Offshore Funds
- 3Ericsson Rethinks China Market Strategy as Revenue Dives
- 4Editorial: China Should Stick to Its Guns for Regulating the Housing Market
- 5China’s Top Planner Seeks to Stamp Out Coal Producer Profiteering
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas