On March 19 Deutsche Bank announced that it had signed a binding agreement to subscribe to approximately 265.6 million newly issued shares in HuaXia Bank for a total subscription price of RMB 3,909 million (approx. EUR 349 million). Deutsche Bank’s subscription is part of a private placement of HuaXia Bank shares to its three largest shareholders with an overall issuance value of RMB 11.6 billion (approx. EUR 1.0 billion). Subject to regulatory approvals, this investment will increase Deutsche Bank’s equity stake in HuaXia Bank to 13.7% of issued capital from 9.9% previously.

Deutsche Bank made its first equity investment in HuaXia Bank in May 2006. In June 2007 both partners successfully started a joint credit card business in China. Deutsche Bank is providing comprehensive technical support and assistance to HuaXia Bank to further strengthen its existing franchise in areas such as risk management, treasury, retail and corporate banking. Deutsche Bank has two seats on the HuaXia Bank board.

HuaXia Bank is the 12th largest bank in China by asset size and listed on the Shanghai stock exchange. With its 9,390 employees and its national banking license, HuaXia Bank operates in 287 retail branches in 31 cities throughout China.

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