Germany's Deutsche Bank plans to buy a five percent stake in China's upcoming Huaxia Bank for $110 million (89.88 million euros), according to a Chinese newspaper report. Quoting sources at Huaxia,
Guoji Jinrongbao (in English,
International Finance News) said the deal between Deutsche Bank and China's fourth-largest listed bank is to be completed by September. The two sides have apparently been in talks since last year and the deal is expected to be sealed in September. The report followed the announcement last week that the Royal Bank of Scotland, Europe's second-largest credit institution, was buying a 5-per-cent stake in the Bank of China for 900 million pounds ($1.62 billion).