BNP Paribas reported its 1Q 2017 performance overnight (Australian time), crediting a "diversified business model" with a strong result. Total revenues were just shy of €11.3 billion, up by 4.2 per cent compared to the first quarter 2016. Included in this quarter was the exceptional impact of €148 million in capital gain from the sale of Shinhan shares. At €8,119 million, operating expenses were up by 6.5 per cent compared to the first quarter 2016. They included the exceptional €20 million impact (€23 million in the first quarter 2016) of the acquisitions' restructuring costs; as well as the transformation costs of businesses for €90 million (€23 million in the first quarter 2016) Chinese conglomerate HNA Group has raised its stake in Deutsche Bank to 9.9 per cent, in a move that will make it the biggest single investor in the European lender, ahead of US asset manager BlackRock and the Qatari royal family, according to FT.com. HNA's recent acquisitions - which include Old Mutual's US asset management business, New Zealand's largest non-bank lender and hedge fund platform SkyBridge Capital - have seen a "two-jet airline" become an international financial operator, the FT observed. Standard Chartered has announced plans to establish a new EU subsidiary in Frankfurt, becoming one of the first UK banks to select Germany's main financial centre as its alternative European hub to cope with the disruption of Brexit, FT.com reports. José Viñals, StanChart's chairman, said at the annual meeting that the move would cause "minimal disruption" to operations and was a "very natural" choice as the bank already has an office and several staff in Frankfurt.