Chinese conglomerate HNA Group has reduced its stake in German banking giant Deutsche Bank to 6.3%, reported Reuters quoting the latest filing with the US Securities and Exchange Commission (SEC).
The move reduces HNA’s stake in Deutsche Bank further from 7.64%, which the Chinese conglomerate mentioned in its latest filing.
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However, HNA and Deutche Bank spokespersons declined to comment on the latest divestment to the news agency.
In early 2017, HNA had nearly 10% stake in the German lender but since then had reduced its holding in multiple instalments.
Even after the latest divestment, HNA will continue to be one of the largest shareholders of Deutsche Bank.
It is believed that the Chinese conglomerate is reducing stake in Deutsche Bank due to high debts.
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By GlobalDataIn February last year, HNA reduced its stake from existing 9.9% to 8.8% for $375m and again further to 7.9% two months later in April.
HNA holds Deutsche Bank stake through C-Quadrat, which possesses voting rights in the German bank through a combination of ordinary shares and financial instruments.
Other major shareholders of Deutsche Bank are Qatar royal family, BlackRock, and Cerberus.
Earlier this month, the bank reported a net income of €341m representing its first full year net profit since 2014.
However, in the fourth quarter of the year, Deutsche Bank posted a net loss of €409m , missing analyst forecasts.
