Chinese conglomerate HNA Group Co., Ltd. is reportedly planning to sell off its holding in Deutsche Bank.
Holding nearly 8% voting rights in Deutsche, HNA plans to offload its entire stake according to people familiar with the matter (as reported by CNN). The news comes amidst Deutsche Bank’s struggles to revive its prospects following three years of losses.
In recent years, HNA has been known for its purchases of massive stakes in major U.S. and European companies. But of late, the company has been offloading its shares with Chinese regulators wanting to limit aggressive overseas deal-making by Chinese firms. HNA announced the sale of its majority holding in Radisson Hospitality to Chinese state-owned hotel group Jin Jiang International Holdings last month.