Deutsche will subscribe to approximately 265.6 million newly issued shares in Hua Xia Bank for a total price of Rmb3.9 billion $550 million.
The issue to Deutsche is part of a private placement of Hua Xia Bank shares to its three largest shareholders. A total of Rmb11.6 billion shares will be bought by Deutsche, Shougang a Chinese steel producer and China State Grid Corporation.
The deal is subject to regulatory approvals. Deutsche now has two nominee directors on the Hua Xia board.
ôDeutsche BankÆs partnership with Hua Xia Bank is an important part of our strategy to secure direct participation...
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