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Chinese conglomerate is top stakeholder in Deutsche

Chinese conglomerate HNA Group Co has become the top shareholder of Deutsche Bank. The firm, which is into aviation, hotels and several other businesses, has increased its stake to around 10%, overtaking Blackrock, according to corporate disclosures. The group had an initial holding of 3% in the bank. The bank had sold an additional 8 billion euros of shares to bolster capital after abandoning an earlier plan to sell its Postbank unit. HNA Group is led by billionaire Chen Feng, 63. The group has earlier acquired stakes in Swiss duty-free operator Dufry, Singapore-based logistics provider CWT and hotel operator Hilton Worldwide Holdings. It has also taken a state in SkyBridge Capital through HNA Capital, which has ambitions of becoming a global investment bank and financial services provider.

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