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Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced that it had signed a binding agreement to subscribe to newly issued shares in Hua Xia Bank for a total subscription price of up to RMB 5,749 million (approx. EUR 636 million). Deutsche Bank’s subscription is part of a private placement of Hua Xia Bank shares to its three largest shareholders with an overall issuance value of up to RMB 20.8 billion (approx. EUR 2.3 billion). Subject to regulatory approvals, this investment will increase Deutsche Bank’s equity stake in Hua Xia Bank from 17.12% of issued capital to 19.99%, the maximum single foreign ownership level as permitted by Chinese regulations.
Rainer Neske, Head of Private & Business Clients and a Member of Deutsche Bank’s Management Board said: "The long-term cooperation with Hua Xia Bank is the spearhead of our PBC strategy in China. Hua Xia is a successful player in China and has created substantial value in this important PBC market in Asia. We are proud to continue this fruitful and reliable partnership in the future."
Robert Rankin, Chief Executive Officer, Deutsche Bank Asia Pacific, added: “China is central to Deutsche Bank’s overall Asia strategy and our stake in Hua Xia Bank provides high quality direct participation in the development of China’s retail and commercial banking market, which is experiencing one of the world’s highest growth rates.”
Deutsche Bank made its first equity investment in Hua Xia Bank in May 2006 and has two seats on the Hua Xia Bank board. In June 2007 both partners successfully started a joint credit card business in China which now has over 850,000 customers. Hua Xia Bank is the 13th largest bank in China and listed on the Shanghai stock exchange. As a nationwide joint stock commercial bank with approximately 12,300 employees, Hua Xia Bank operates in 349 retail branches in 32 cities throughout China as at the end of 2009.
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By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 16 March 2010 under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.