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Deutsche Bank becomes Huaxia's largest holder
By Zhang Fengming |
November 19, 2009, Thursday
|
Online Edition
Online Edition
DEUTSCHE Bank AG will spend 81.6 million euros (US$122.1 million) to increase its stake in Huaxia Bank to become the biggest shareholder in the Chinese bank.
Deutsche Bank's stake will grow to 17.1 percent from 13.7 after it buys the parcel from German private investment firm Sal Oppenheim Jr and Cie, overtaking state-run steel maker Shougang Group as Huaxia's biggest shareholder, Huaxia said in a filing to the Shanghai Stock Exchange today.
The deal is pending regulatory approval.
This is the second move by an overseas bank to be the major shareholder of a Chinese bank after a Citibank-led consortium bought Shenzhen Development Bank.
A single foreign investor can hold up to 20 percent of a Chinese lender while combined foreign ownership is capped at 25 percent.
Foreign banks are small players in China, taking a market share of 2 percent.
Deutsche Bank's stake will grow to 17.1 percent from 13.7 after it buys the parcel from German private investment firm Sal Oppenheim Jr and Cie, overtaking state-run steel maker Shougang Group as Huaxia's biggest shareholder, Huaxia said in a filing to the Shanghai Stock Exchange today.
The deal is pending regulatory approval.
This is the second move by an overseas bank to be the major shareholder of a Chinese bank after a Citibank-led consortium bought Shenzhen Development Bank.
A single foreign investor can hold up to 20 percent of a Chinese lender while combined foreign ownership is capped at 25 percent.
Foreign banks are small players in China, taking a market share of 2 percent.
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