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ANZ to Sell Stake in Shanghai Bank

ANZ to Sell Stake in Shanghai Bank

ANZ is selling its 20% stake in Shanghai Rural Commercial Bank for AUD$1.84 billion to two Chinese state owned firms, China Cosco Shipping Corporationg and Shanghai Sino Poland Enterprise Management Development Corporation. Each will acquire 10% stake in the bank. This marks the bank’s second disposal of Asian holdings over the past three months.

“ANZ is selling its 20% stake in Shanghai Rural Commercial Bank for AUD$1.84 billion to two Chinese state owned firms”

~Financial Times

ANZ is also looking at other opportunities to exit other businesses. Other than its stake in Shanghai Rural Commercial Bank, it holds stake in Malaysia’s AMMB Holdings Bhd, PT Bank Pan Indonesia and China’s Bank of Tianjin Co.

Related Reports: Wall Street Journal, Financial Times

 

About ANZ

Our history dates back over 180 years. We are committed to building lasting partnerships with our customers, shareholders and communities in 34 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America. We provide a range of banking and financial products and services to over 9 million customers. We employ over 50,000 people worldwide.

Visit: ANZ

 

About Shanghai Rural Commercial Bank

Shanghai Rural Commercial Bank (or “SRCB”) was established on August 25th 2005, which was reincorporated from Shanghai Rural Credit Cooperatives of more than 50 years history. At present, SRCB has registered capital of RMB 3.745 billion, established a business network of more than 300 outlets, and employs more than 5,000 staff.

Visit: Shanghai Rural Commercial Bank

 


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