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Deutsche Bank co-CEO says won't cut China presence

Reuters

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has no plans to reduce its presence in China but the fate of Deutsche's stake in brokerage Hua Xia remained open, co-CEO Juergen Fitschen said on Wednesday.

Fitschen said foreign banks were all in the process of selling minority stakes in Chinese financial firms. Deutsche is considering selling its 20 percent stake in the Chinese bank to raise cash and reduce its balance sheet exposure.

"Of course we're not pulling back from China. That's going to be the biggest economy in the world," Fitschen said at a conference. "It's obvious that all of these minority stakes held by foreign investors must be given up."

(Reporting by Thomas Atkins, Editing by Jonathan Gould)