Deutsche sells stake in Hua Xia Bank

The sale follows stricter capital rules, a global restructuring and a corruption scandal. It made a tidy profit but relinquished its goal of going big in China.

Deutsche Bank said on Monday that it has agreed to sell its entire 19 99% stake in Hua Xia Bank, at a time of more onerous capital rules on holding minority stakes in financial institutions and in the wake of a corruption scandal at the Chinese bank

It is selling its stake in the Beijing-headquartered bank to Chinese state-controlled insurer PICC Property and Casualty Company, better known as PICC, for a price tag between Rmb23 billion to Rmb25 7 billion ($3 54 billion to $3 96) depending on exchange rates at the time of completion, a tidy profit on what it paid for the shares

The sale...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222