Deutsche Bank Increases Huaxia Bank Stake
Deutsche Bank has paid USD550m to increase its stake in China's Huaxia Bank, from 9.9 per cent to 13.7 per cent, AFP reports. The German bank bought its existing 9.9 per cent two years ago and was granted two seats on the board of directors in the Chinese bank. Huaxia operates close to 290 retail branches in several Chinese provinces.
Ping An Invests USD6.6 bn in Fortis
China's Ping An insurance company has spent a total of USD6.6 bn to
increase its stake in the European bank to 4.99 per cent. USD3.36 bn
will be used to buy 50 per cent of Fortis' asset management arm. Ping
An's injection in Fortis is the largest overseas investment by a
Chinese financial company.
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