Deutsche Bank has said it is selling off its stake in China’s Hua Xia Bank. Germany’s biggest lender indicated the move was in line with its new strategy to withdraw from a number of foreign markets to save money, DW reported. Deutsche confirmed Monday it was aiming to sell its stake of nearly 20% in Chinese lender Hua Xia for more than €3 billion ($3.3 billion) to China-based PICC Property and Casualty Company. The transaction was still subject to regulatory approvals, including one from the China Banking Regulatory Commission.
