Deutsche Bank gets watchdog's nod for sale of stake in China's Hua Xia
Reuters
Published Nov 03, 2016 05:18AM ET
Deutsche Bank gets watchdog's nod for sale of stake in China's Hua Xia
FRANKFURT (Reuters) - Deutsche Bank (DE:DBKGn) has received regulatory approval for the sale of its 20 percent stake in Chinese peer Hua Xia to PICC Property and Casualty (HK:2328), it said on Thursday.
Deutsche Bank had said in the past that it was selling the stake for 3.2 to 3.7 billion euros ($3.6-4.1 billion), depending on exchange rates. The divestment frees up capital and boosts Deutsche Bank's capital ratio by 50 basis points.
The sale of the Hua Xia stake, in which Deutsche Bank invested in 2006, was agreed in December 2015, but it took longer than expected to obtain clearance from the China Banking Regulatory Commission.
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Written By: Reuters
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