International corporate and personal banking giant Deutsche Bank has finalized the purchase of a 9.9% share of the issued capital of Hua Xia Bank in China.
Deutsche Bank AG purchased 295,000,000 shares (7.02%) and Deutsche Bank Luxembourg S.A. 121,000,000 shares (2.88%) in the Chinese lender, which is listed on the Shanghai Stock Exchange. Deutsche Bank has also been granted one seat on Hua Xia Bank’s board.
In addition Deutsche Bank and Hua Xia Bank have signed a wide ranging cooperation agreement which will see the German outfit exclusively develop credit cards and cash management services for the Chinese banking market. Deutsche Bank and Hua Xia Bank will also teams up on affluent customer business and the distribution of investment products.
Deutsche Bank will also provide comprehensive technical support and assistance to Hua Xia Bank to further strengthen its existing franchise in risk management, retail and corporate banking.