Deutsche Bank to sell Hua Xia stake for up to 3.7 bln euros

December 28, 2015 1:50 PM

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FRANKFURT, Dec 28 Deutsche Bank has agreed to sell its 20 percent stake in China's Hua Xia Bank to PICC Property and Casualty Co for up to 3.7 billion euros ($4.1 billion) as part of an overhaul of Germany's biggest lender.

"As we execute on Deutsche Bank's strategic agenda, now is the right time for us to sell this investment," Deutsche Bank Chief Executive John Cryan said in a statement on Monday.

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