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Deutsche extends stake in Hua Xia
By Zhang Fengming |
May 6, 2010, Thursday
|
Online Edition
Online Edition
DEUTSCHE Bank today said it has signed a deal to pay up to 5.75 billion yuan (US$842 million) to boost its stake in Hua Xia Bank.
Deutsche Bank's subscription is part of a private placement of Hua Xia Bank shares to its three largest shareholders with an overall issuance value of up to 20.8 billion yuan.
Deutsche Bank's holding in Hua Xia Bank will rise from 17.12 percent to 19.99 percent, the maximum single foreign ownership level as permitted by Chinese regulations.
"The long-term cooperation with Hua Xia Bank is the spearhead of our private and business clients strategy in China," said Rainer Neske, head of private & business clients and a board member of Deutsche Bank said.
"We are proud to continue this fruitful and reliable partnership in the future."
Deutsche Bank made its first equity investment in Hua Xia Bank in May 2006 and has two seats on the board.
"China is central to Deutsche Bank's overall Asia strategy," said Robert Rankin, chief executive officer, Deutsche Bank Asia Pacific.
"Our stake in Hua Xia Bank provides high quality direct participation in the development of China's retail and commercial banking market, which is experiencing one of the world's highest growth rates," he said.
Beijing-based Hua Xia Bank, the 13th largest bank in China, is listed on the Shanghai stock exchange.
The joint stock bank, among the second string of Chinese lenders, has 12,300 employees in 349 retail branches in 32 cities throughout China as at the end of 2009.
Deutsche Bank's subscription is part of a private placement of Hua Xia Bank shares to its three largest shareholders with an overall issuance value of up to 20.8 billion yuan.
Deutsche Bank's holding in Hua Xia Bank will rise from 17.12 percent to 19.99 percent, the maximum single foreign ownership level as permitted by Chinese regulations.
"The long-term cooperation with Hua Xia Bank is the spearhead of our private and business clients strategy in China," said Rainer Neske, head of private & business clients and a board member of Deutsche Bank said.
"We are proud to continue this fruitful and reliable partnership in the future."
Deutsche Bank made its first equity investment in Hua Xia Bank in May 2006 and has two seats on the board.
"China is central to Deutsche Bank's overall Asia strategy," said Robert Rankin, chief executive officer, Deutsche Bank Asia Pacific.
"Our stake in Hua Xia Bank provides high quality direct participation in the development of China's retail and commercial banking market, which is experiencing one of the world's highest growth rates," he said.
Beijing-based Hua Xia Bank, the 13th largest bank in China, is listed on the Shanghai stock exchange.
The joint stock bank, among the second string of Chinese lenders, has 12,300 employees in 349 retail branches in 32 cities throughout China as at the end of 2009.
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