Deutsche Bank plans to sell its 11.5 percent stake in Chinese lender Hua Xia for as much as 3.6 billion euros, the Financial Times reported, citing the German bank.

It said it was selling the stake to PICC Property and Casualty Company, China's Beijing-based insurer and its largest casualty insurance company.

Deutsche Bank acquired the shares in 2006 and its stake was built up to 19.9 percent, giving it two seats on the board. It also set up a credit card joint venture with Hua Xia.

Deutsche Bank co-chief executive John Cryan said China still remained a key growth area for the bank but that now was the right time to sell the Hua Xia stake.

Chinese regulators have prevented foreign investors from owning more than 20 percent in a Chinese bank, and as a result Deutsche Bank came to view its Hua Xia stake as non-strategic.

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