German consortium invests in Huaxia

Deutsche Bank will lead a consortium to take a 14% stake in Huaxia Bank for US$329 million, which represents a 9% premium to Huaxia's public shares at close of trade on Friday, Reuters reported. Deutsche Bank will control a 9.9% stake, making it the second largest shareholder, with German private bank Sal Oppenheim taking 4.1%, subject to shareholder and regulatory approval. The deal was thought overpriced, largely due to Deutsche Bank's rush to make its first direct investment into China's banking industry.