Chinese conglomerate HNA Group has snapped up a 3.04 percent stake in Deutsche Bank, marking its latest acquisition. The minority stake will make the aviation and shipping company one of the largest shareholders in the embattled German financial firm.

HNA Capital, the conglomerate's financial services division, confirmed the transaction and noted that owning a stake in Deutsche Bank is part of its asset management growth strategy.

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"We have full faith in the management and will watch its future steps very carefully, and support them where necessary as a shareholder," it said, adding that the conglomerate may pick up further stake in the German financial services, but has no intention of going beyond 10 percent.

With a 3.04 percent stake, HNA is now the fourth-biggest shareholder in Deutsche. The other three big investors include two investment companies representing some members of the Qatar royal family and a US investment firm BlackRock.

The Deutsche Bank has been on a downfall for last two years now, with investors worried about some of its investments in heavy securities not paying off and the uncertainty over the impact of U.S. authorities' heavy penalty on the company. The adverse circumstances have taken a huge toll on the company's shares, driving down the shares to a 30-year-low in September last year.

As for the HNA Group, a minority stake in Deutsche reaffirms its growing ambitions to pick up attractive assets in foreign firms. Last month, it acquired ANZ's New Zealand asset finance business finance for $628 million. 

This was preceded by a flurry of deals sealed last year including the acquisition of Ingram Micro, a US information technology group, Radisson owned Carlson Hotels in the U.S and 13 percent stake in Virgin Australia airline.   

TagsHNA Group, Deutsche Bank, china, HNA China, HNA Acquisition