September 21, 2005
Deutsche Pips StanChart for 10% Huaxia Stake
Deutsche Bank is set to be the lead player in a consortium which will acquire almost 14% of Huaxia Bank for approximately $330m. Deutsche will have a 10% stake, with financial partners taking up the remainder, according to preliminary reports. DB was previously a reported bidder for a stake in Bank of Beijing which was sold to mighty Dutch masters ING Group. In tying up with Huaxia, DB beats out rumoured partner Standard Chartered, who will have to be content with their 20% of start-up Bohai Bank for now.
In an unrelated but comically-juxtaposed news item, DB CEO Josef Ackermann said today that the bank will focus on "organic growth" rather than acquisitions.
Posted by The Banker at September 21, 2005 09:17 PM
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