Deutsche Bank CEO has yet to meet top investor HNA

Deutsche Bank CEO has yet to meet top investor HNA

By: 
Bloomberg
09/10/17, 07:44 am

(Oct 9): Deutsche Bank AG Chief Executive Officer John Cryan hasn’t yet met with one of the bank’s top investors but plans to do so, a spokeswoman said Sunday.

“Of course” it will happen, the spokeswoman for Deutsche Bank said, when asked about a meeting between Cryan and Adam Tan, the head of HNA Group Co., a Chinese conglomerate that bought a 9.9% stake in the bank this year. Cryan has been avoiding a meeting with HNA, irking Supervisory Board Chairman Paul Achleitner, the Wall Street Journal reported Sunday.

Cryan is facing skepticism about a strategy that was unveiled in March around the time HNA was increasing its stake. Achleitner had helped attract the company as an investor, a person familiar said Sunday. HNA said in May that it had raised its stake to 9.9% from 3% in February, making it the bank’s largest investor.

HNA has come under heightened scrutiny as Chinese authorities have clamped down on foreign acquisitions by Chinese investors. The ECB, Deutsche Bank’s euro area regulator, is considering launching an owner control procedure against HNA as the Chinese company is trying to bring transparency to its own ownership structure by turning itself over to a charity.

Two attempts to arrange a meeting between Cryan, 56, and HNA have failed, according to a person familiar with the matter who asked not to be identified because the discussion is private. The strategic overhaul announced in March was underpinned by a rights offer that hauled in 8 billion euros ($12.8 billion) for Deutsche Bank.

Cryan told people close to him that he would prefer not to meet with HNA executives, the WSJ reported. The report also said some senior executives at Deutsche Bank have occasionally gone directly to Achleitner, 61, to garner support for important decisions, rather than dealing with Cryan.

“It is normal for a German chairman to have regular interaction with all management board members,” the Deutsche Bank spokeswoman said.

HNA used collar trades from UBS Group AG to finance its purchase of Deutsche Bank shares, a strategy that can reduce the amount a buyer has to commit.

2019 GDP growth to ease to 'slightly above midpoint' of 1.3-3.5% forecast: MAS

SINGAPORE (Apr 26): MAS expects GDP growth to come in slightly above the mid-point of 1.3-3.5% forecast range in 2019, as growth momentum of the global economy has moderated at the turn of the year amid sluggish trade. This was according to the Guide to the Macroeconomic Review April 2019, released by the Monetary Authority of Singapore’s (MAS) Economic Policy Group on Friday morning. On the back of easing GDP growth, MAS has decided to maintain the current rate of appreciation of the SGD NEER policy band. This policy stance is consistent with a modest and gradual appreciation path of ....
Read More >>

CapitaLand Mall Trust kept at 'hold' by OCBC and Maybank on higher mall supply, soft retail sector

SINGAPORE (Apr 26): OCBC Investment Research says CapitaLand Mall Trust’s (CMT) 1Q19 results met its expectations. Gross revenue rose 10.0% y-o-y to $192.7 million while NPI jumped 11.5% to $140.1 million, forming 25.1% of its FY19 forecast. See: CapitaLand Mall Trust declares 3.6% higher DPU of 2.88 cents on higher income OCBC says Funan has already achieved high pre-commitment levels of 90%, and is on track to open in the middle of 2019 and will thus contribute to CMT’s earnings progressively from 2H19. However, the near-term outlook remains cautious given the higher supply, ....
Read More >>

Singapore's GLP plans US$3 billion IPO for its US warehouses

(Apr 26): Singapore-based GLP is planning an initial public offering (IPO) for its US operations that could raise about US$3 billion ($4.09 billion). GLP may seek to value the operations at more than US$20 billion, and the firm is said to have confidentially filed with securities regulators for the planned offering. Much of GLP’s US business stems from a 2014 deal to acquire IndCor Properties from Blackstone Group for US$8.1 billion. The offering could help GLP recoup funds after it was taken private by a management-backed consortium from the Singapore stock exchange last year. GLP ....
Read More >>