Deutsche plans Huaxia stake purchase
22 September 2005
Deutsche Bank and an undisclosed partner are in talks to buy a 14% stake in Huaxia Bank, China's fourth-largest bank in terms of market cap, for US$330 million, though it will likely end up with a 10% stake, the Wall Street Journal reported. Deusche's bid for a share in the Bank of Beijing failed in March when ING bought a 19.9% stake. China's banking sector will fully open to foreign companies at the end of 2006. Huaxia has around 250 banking outlets in China.