China's medium-sized Huaxia Bank said Thursday Deutsche Bank AG became its largest shareholder after wrapping up an acquisition of the Chinese lender's shareholder Sal Oppenheim Jr& Cie.S.C.A.

The Deutsche Bank's stake in Huaxia Bank now amounts to 17.12 percent, with a total of 855 million shares, after the buyout of the Luxembourg-based private bank Sal Oppenheim Jr & Cie.S.C.A., which held a 3.43 percent stake, said the Huaxia Bank said in a statement filed to the Shanghai Stock Exchange.

On signing the deal Deutsche Bank surpassed the Beijing-based steel maker Shougang Group, which previously was the biggest shareholder with a 13.98 percent stake, according to the statement.

Hua Xia said it has no controlling or effective controlling shareholder, despite the increase of Deutsche Bank's holdings.

China's banking authority stipulates a single foreign institution cannot hold more than 20 percent of a Chinese bank, and the biggest combined stake of foreign investors in a Chinese bank is no more than 25 percent.

The share price of Hua Xia Bank declined 0.42 percent to end at 11.74 yuan in Shanghai on Thursday.