Deutsche Bank has increased its stake in China-based Hua Xia bank to 17.12%, with a total of 855 million shares, becoming the largest shareholder, reported Reuters.

The transaction follows the acquisition of Luxembourg-based Sal Oppenheim Jr & Cie.SCA, which held a 3.43% stake in Hua Xia bank.

According to the statement filed by Hua Xia Bank to Shanghai Stock Exchange, on signing the deal Deutsche Bank surpassed Beijing-based steel maker Shougang Group, which previously was the biggest shareholder with a 13.98% percent stake.

Hua Xia Bank said it has no controlling or effective controlling shareholder, despite the increase of Deutsche Bank’s holdings.

China’s banking regulatory authority does not allow a single foreign institution to hold more than 20% of a Chinese bank, and the biggest combined stake of foreign investors in a Chinese bank can not be more than 25%.