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Deutsche Bank becomes biggest shareholder of China’s Huaxia Bank

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Deutsche Bank has become the largest shareholder of China’s Huaxia Bank after wrapping up an acquisition of the Chinese lender’s shareholder Sal Oppenheim Jr & Cie.

The Deutsche Bank’s stake in Huaxia Bank now amounts to 17.12 per cent, with a total of 855 million shares.

This follows the buyout of the Luxembourg-based private bank Sal Oppenheim Jr & Cie, which held a 3.43 per cent stake, the Huaxia Bank said in a statement filed to the Shanghai Stock Exchange.

On signing the deal Deutsche Bank surpassed the Beijing-based steel maker Shougang Group, which previously was the biggest shareholder with a 13.98 per cent stake, according to the statement.

Hua Xia says it has no controlling or effective controlling shareholder, despite the increase of Deutsche Bank’s holdings.

China’s banking authority stipulates a single foreign institution cannot hold more than 20 per cent of a Chinese bank, and the biggest combined stake of foreign investors in a Chinese bank is no more than 25 per cent.

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