Deutsche Bank increases equity stake in Hua Xia Bank to 19.99%
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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