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Business

Deutsche Bank Buys Stake in Chinese Bank

Deutsche Bank moved to expand further into growth markets by taking almost 10 percent share in the Chinese bank Huaxia, while at the same time casting its eye towards a Romanian bank. Deutsche Bank and another German private bank, Sal. Oppenheim, said Monday they would buy a 14 percent stake in Huaxia for 272 million euros ($329 million), their first direct venture into China's banking sector. At the same time, Deutsche Bank officials said they are considering shares in Romania's largest bank, Banca Comerciala Romana. The Romanian government is selling a 61.9 percent stake in the bank. Deutsche Bank is Germany's largest bank and has been active in investment banking in China including its purchase of a 20 percent stake in Shenzhen-based Harvest Fund Management Co. earlier this year.

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