Deutsche Bank sells $4bn stake in China’s Hua Xia Bank

Deutsche Bank  has agreed to sell its entire 20% stake in Beijing-based Hua Xia Bank  to Chinese insurer PICC Property and Casualty Co in  a deal worth up to $4bn that will help lift its capital ratios. The German

bank becomes the latest Western financial institution to scale back in China where caps on foreign ownership have made it difficult to attain the strategic growth many firms first envisioned. It will continues to run a securities joint venture and an asset management business in China.

Source: reuters