China’s aviation and real estate conglomerate HNA Group has increased its stake in Deutsche Bank to 9.92%, overtaking Blackrock as the biggest shareholder, according to Bloomberg.
HNA, which holds the stake via investment vehicle C-Quadrat, initially reported a 3.04% stake in the Germany's biggest lender in February before increasing its holding.
The investments came as the bank sought to boost its capital with an 8 billion euros share offering.
Led by billionaire Chen Feng, HNA Group has been on an acquisition spree to expand from its traditional business into financial services.
According to Bloomberg, the company spent $30 billion on deals over the past year, acquiring stakes in Swiss duty-free operator Dufry, Singapore-based logistics provider CWT, and hotel Hilton Worldwide Holdings.
The company now operates in businesses including aviation, logistics, finance, real estate, hospitality, tourism and ecological technology.