Deutsche Bank has secured go-ahead from the China Banking Regulatory Commission for sale of its stake in Chinese lender Hua Xia.

In December 2015, the German banking group agreed to offload its 20% stake in Hua Xia to Chinese insurer PICC Property and Casualty for up to RMB25.7bn to boost profitability. Deutsche Bank first bought stake in Hua Xia in 2006.

The bank stated that it was working on remaining “procedures to effect share transfer and complete the transaction in compliance with relevant laws and regulations.”

Deutsche Bank expects the stake sale to raise its common equity Tier 1 ratio, which stands at 11.1% as of 30 September 30 2016, by between 0.4 and 0.5 percentage points.

 

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By GlobalData