DB to sell stake

FRANKFURT: Deutsche Bank (DB), Germany’s biggest lender, said on Monday it has agreed to sell its stake of nearly 20 per cent in China’s Hua Xia for more than three billion euros ($3.3 billion). “Deutsche Bank has agreed to sell its entire 19.99 per cent stake in Hua Xia Bank to PICC Property and Casualty Company Limited for a consideration of 23 to 25.7 billion yuan ... or approximately 3.2 to 3.7 billion euros based on current exchange rates,” the German group said in a statement. The completion of the transaction would be subject to customary closing conditions and regulatory approvals including that of the China Banking Regulatory Commission. The sale would have a ‘positive financial impact’ and boost its capital ratio, Deutsche Bank said.