BERLIN (AP) — Deutsche Bank says it has agreed to sell its stake in China’s Hua Xia Bank to a Chinese insurer in a deal worth between 23 billion and 25.7 billion yuan ($3.6 billion-$4 billion).
Deutsche Bank AG said in October that it no longer considered its 19.99 percent stake in Hua Xia Bank strategic. Germany’s biggest bank announced Monday that it will sell the entire stake to PICC Property and Casualty Company Limited.
It said that the deal’s value will depend on “final price adjustment at closing” and the sale will have a positive financial impact.
Co-CEO John Cryan said that “now is the right time for us to sell this investment,” which dates back to 2006, but added that China remains a key growth market for Deutsche Bank.