Chinese conglomerate HNA Group has acquired a 3.04% stake in German banking giant Deutsche Bank.

At current share prices, the 3.04% stake worths nearly EUR750m. HNA holds the stake through C-Quadrat Asset Management (UK), the British unit of C-Quadrat Investment.

The Chinese firm also unveiled plans to acquire further stakes in the German bank, adding that its holding would be below 10%.

According to public filings, the latest stake purchase makes HNA makes the third-largest shareholder in the German bank after Qatar's royal family and American money manager BlackRock.