FRANKFURT (dpa-AFX) - HNA Group Co., a troubled Chinese conglomerate, cut its stake in Deutsche Bank AG's (DB) to 7.9 percent from 8.8 percent.
'Due to the current market environment we have decided not to renew a part of the financing structure for our stake in Deutsche Bank and have as a result slightly reduced our stake,' HNA said. 'Our commitment to remain a major investor in Deutsche Bank remains unchanged.'
The reduction comes amid an attempt by HNA to raise $16 billion by selling assets to deal with financing problems in China. HNA cut its stake in February, and said at the time that another reduction 'is not planned.'
Copyright RTT News/dpa-AFX