Deutsche to cut Hua Xia stake due to new valuation
By Jiang Xueqing | China Daily | Updated: 2015-10-10 08:11
Deutsche Bank AG is considering cutting its holdings in a mid-sized Chinese commercial lender, after Germany's largest lender warned that it may incur a net loss of 6.2 billion euros ($7 billion) during the third quarter.
The bank said that it took a hit of 600 million euros in the value of its 19.99 percent stake in Hua Xia Bank Co Ltd.
"This reflects an updated valuation triggered by a change of the intent of the holding as Deutsche Bank no longer considers this stake to be strategic," the bank said in a statement posted on its website on Wednesday.
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