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FRANKFURT (Reuters) – The Chinese conglomerate HNA has reduced its stake in Deutsche Bank to 6.3 percent, according to a document filed by the US Securities and Exchange Commission.
FILE PHOTO: The financial district, home to Germany's biggest investment bank, Deutsche Bank, is photographed in the early evening in Frankfurt on January 29, 2019. REUTERS / Kai Pfaffenbach
This represents a 7.64% reduction in the voting rights reported in the last deposit in Germany.
HNA, even with a reduced stake, would remain one of the largest shareholders of the largest lender in Germany.
HNA spokespersons in Germany and Deutche Bank declined to comment.
The filing with the SEC was published on February 15 but the date of the reduction was February 12.
HNA initially bought a stake in Deutsche Bank in early 2017, with a stake of almost 10%. But since then, he has reduced his participation in installments.
The high debt of the conglomerate has fueled speculation about the future of its stake in Deutsche, which is reducing or leaving some of its other holdings.
The C-Quadrat Fund manages the interest on behalf of HNA, which holds voting rights in Deutsche through a combination of common shares and financial instruments.
HNA's interests in the bank are represented by a member of the supervisory board of Deutsche Bank.
Other major shareholders include Qatar's royal family, BlackRock and Cerberus.
Tom Sims report; Edited by Mark Potter
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