FRANKFURT (Reuters) – Chinese conglomerate HNA plans to exit its stake in German lender Deutsche Bank <DBKGn.DE>, The Wall Street Journal reported on Friday.
The WSJ, citing people familiar with the matter, said HNA intends to unload the vast majority of overseas investments it has made in recent years.
Spokesmen for Deutsche Bank and HNA in Frankfurt declined to comment. UBS, which is HNA’s bank for the holding, also declined to comment.
HNA holds a 7.6 percent share of Deutsche Bank, according to the most recent data. Its stake has declined slightly over the course of this year.
(Reporting by Tom Sims and Andreas Framke; Additional reporting by Brenna Hughes Neghaiwi in Zurich; Editing by Maria Sheahan)