(Bloomberg) -- Deutsche Bank AG’s biggest shareholder cut its stake in the lender, it disclosed Saturday, after saying in February that another reduction wasn’t planned.
HNA Group Co., a troubled Chinese conglomerate, reduced its holdings to 7.9 percent from 8.8 percent as it allowed portions of a complex derivatives arrangement, which it uses to finance its stake, to expire, according to a regulatory filing.
“Due to the current market environment we have decided not to renew a part of the financing structure for our stake in Deutsche Bank and have as a result slightly reduced our stake,” a spokesman for HNA said by email. “Our commitment to remain a major investor in Deutsche Bank remains unchanged.”
The reduction comes amid an attempt by HNA to raise $16 billion by selling assets to deal with financing problems in China. The company cut its stake in February, and said at the time that another reduction “is not planned.”
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