Chinese conglomerate HNA Group has become Deutsche Bank AG’s largest shareholder after increasing its stake in the German lender to almost 10%, The Wall Street Journal reports. US public filings show HNA raised its stake to 9.92% through C-Quadrat Asset Management (UK), the UK subsidiary of Austrian asset manager C-Quadrat Investment. HNA previously held a 4.76% stake in the lender, filings showed. HNA’s increased stake in Deutsche Bank makes it the lender’s largest shareholder, ahead of members of Qatar’s royal family and US money manager BlackRock, according to public filings. HNA, through C-Quadrat, had signaled it was looking to increase its stake, but not above 10%. Intentions to exceed that threshold would trigger additional reporting requirements, and crossing the 10% ownership line would require German regulatory approval, lawyers and analysts say.
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