Freshfields Bruckhaus Deringer is advising Deutsche Bank A.G. on a $4 billion deal that will see the German bank sell a minority stake in a Chinese bank to state-owned People’s Insurance Company of China, or PICC.
Through its Hong Kong-listed subsidiary, PICC Property and Casualty Co. Ltd., PICC will pay between $3.5 billion to $4 billion in cash for a $20 percent stake in Beijing-based Huaxia Bank Co. Ltd. According to a filing made to the Shanghai Stock Exchange, as of Sept. 30, 2015, Huaxia Bank had $316.6 billion in assets. Shanghai-listed Huaxia Bank has over 600 branches in 87 Chinese cities.
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