Chinese conglomerate HNA Group, under pressure from the government, is offloading most of its overseas investments.
The company will divest its whole stake in Deutsche Bank, the Wall Street Journal reported. Facing pressure from Chinese regulators and its creditors, HNA is seeking to shrink its balance sheet.
In addition to Deutsche Bank, the company is in talks to sell cargo handler Swissport International and California-based technology distributor Ingram Micro Inc., the report said. HNA also plans to unload in stakes in various Chinese banks, trusts and insurance companies.
HNA has sought to sell assets as it struggles under a $90 billion mountain of debt. The recent wave of divestments comes after a government mandate for the company to focus on its core business of operating Chinese airlines, the Journal said.