HNA Group, one of China’s largest conglomerates and the owner of a $40 billion-plus empire of businesses and company stakes, will be exiting its 7.6 percent stake in Germany’s Deutsche Bank, the Wall Street Journal reported Friday.
The decision, according to people familiar with the matter, comes after pressure from Chinese regulators and HNA’s creditors demanding that it cut down its balance sheet following three years of aggressive foreign acquisitions. The Journal reported that the Deutsche Bank stake will be gradually sold over the next 18 months.
