Deutsche Bank to sell Chinese shares

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BANK HEADQUARTERS: Twin towers in Frankfurt.

AS part of announced plans to increase its financial strength, Deutsche Bank has agreed a deal to sell its 20 per cent stake in China’s Hua Xia Bank for an estimated $4 billion (€3.66 billion) to the State-owned Chinese insurer PICC Property and Casualty Company.

“As we execute on Deutsche Bank’s strategic agenda, now is the right time for us to sell this investment,” said chief executive John Cryan according to the BBC.

Earlier this year the bank said that it intends to reduce its staffing by 15,000 as well as selling a number of its businesses.

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