One of Deutsche Bank’s top investors is selling out at an awkward time for Germany’s biggest lender.
Chinese conglomerate HNA Group plans to offload its entire stake in the bank, according to a source with knowledge of the situation. The source said the exit could take up to 18 months.
The holder of nearly 8% of the voting rights in Deutsche Bank (DB), HNA has in recent months sought to sell off many of its overseas investments.
The Wall Street Journal, which was first to report the planned sale of the investment in Deutsche Bank, said that HNA was under pressure from the Chinese government to return to its core airline business.
Representatives from HNA and Deutsche Bank declined to comment.
News of the exit comes as Deutsche Bank is trying to persuade investors that CEO Christian Sewing can turnaround the bank after three years of losses by returning to its roots as a lender to German and European companies and households.
The bank’s shares slid 1.7% on Friday. Rival Commerzbank (CRZBF) closed down 1.4% while Germany’s DAX index was little changed.
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