Deutsche Bank to up its stake in Chinese lender

Deutsche Bank, Germany’s biggest lender, announced Wednesday it would pay US$550 million to increase its stake in China’s Hua Xia Bank from 9.9% to 13.7%, AFP reported. The deal, which is still subject to regulatory approval, would move the German bank closer to the 20%-stake limit that individual foreign banks are currently subject to in China. Deutsche Bank bought its existing 9.9% stake in 2006, and currently has two seats on Hua Xia’s board of directors. Hua Xia is listed on the Shanghai stock exchange and operates 287 retail branches across the country.