The Chinese HNA Group has replaced Qatar’s Al-Thani family as the biggest shareholder of Deutsche Bank with just under 10%, the Financial Times reported on Wednesday.
The stake is worth approximately €3,4bn.
The Al-Thani’s now own just under 6% of Germany’s biggest lender, that is, at par with the US Asset Management group Black Rock.
According to Reuters, the Chinese group does not intend to play an active role in management.
Founded in 1993 as Hainan Airlines, the group owns just under €83bn in global assets, including 25% of Hilton Holdings Worldwide, Carlson Hotels, Radisson and Country Inns, Rio de Janeiro’s Airport, the Brazilian Airline Azul, a 13% stake at Virgin Australia, the Portuguese National Airline TAP, and South Africa’s insurer Old Mutual. It is not a state-owned company, although its chairman, Chen Feng, is a member of the National Congress of the Chinese Communist Party.
The company is buying overseas assets amidst concerns of a weakening yuan.