HNA has once again cut its stake in Deutsche Bank, this time to 7.9 per cent despite previous assertions that it had no plans to further divest from Germany’s largest lender.
The Chinese conglomerate, which holds its stake via Austrian asset manager C-Quadrat, had cut its holdings from 8.8 per cent to their current level as of Friday, according to a filing made at the weekend by Deustche Bank to the US Securities and Exchange Commission.
The latest cut comes despite HNA’s statement in February that “further reduction of our holding is not planned.”
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