Deutsche Bank (DB) resisted Beijing's request to increase its interest in a planned joint venture in China, ending talks between the German lender and Postal Savings Bank of China or PSBC, Reuters reported Tuesday, citing unnamed sources.
The latest plan of Deutsche Bank's asset management arm DWS was for Deutsche Bank and PSBC to each own a 47.5% stake in the joint venture, with Ares Management (ARES) owning the remaining 5% interest, the sources said.
Talks between Deutsche Bank, DWS and PSBC fell through after Beijing wanted the German firm to have majority control of the joint venture, the report quoted the sources as saying.
It wasn't immediately clear why Deutsche Bank didn't want to be the majority owner, according to the report.
Deutsche Bank, PSBC and Ares didn't immediately respond to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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