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China's HNA takes 3 pct stake in Deutsche Bank

By Reuters

Published: 07:59 EST, 17 February 2017 | Updated: 07:59 EST, 17 February 2017

FRANKFURT, Feb 17 (Reuters) - China's HNA Group has taken a stake of just over 3 percent in Deutsche Bank and said on Friday it could buy further shares in the German lender.

"We have the fullest confidence in Deutsche Bank's management and will keep a close watch on its future steps and lend support as a shareholder where appropriate," a spokesman for HNA said.

The Chinese aviation and shipping company intends to keep its holding below 10 percent, he said.

HNA's stake of 3.04 percent, worth around 750 million euros ($799 million) at current share prices, makes it the bank's biggest shareholder after Qatar, which has close to 10 percent of stock via two sovereign wealth funds, and BlackRock, which owns 6.1 percent.

Deutsche Bank said it welcomed in principle any investor with a long-term view.

($1 = 0.9389 euros) (Reporting by Maria Sheahan and Alexander Huebner; editing by Harro ten Wolde and Jason Neely)

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Larry Whyte
Larry Whyte

He is a leading authority on business trends including ‘big data’, self-employment and the social media revolution. He’s the author of the award-winning book, Marketing Shortcuts for the Self-Employed (2011, Wiley) and a regular speaker for Bloomberg TV. He has spoken about global mega trends, big data and the social media revolution at conferences and business events around the world .

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