Lender sells Shanghai bank stake

Source: Xinhua | 2017-01-04

The logo of the ANZ Banking Group is displayed in the window of a newly opened branch in central Sydney. ANZ Bank yesterday agreed to sell its stake in Shanghai Rural Commercial Bank for A$1.84 billion (US$1.32 billion) as it continues to offload Asian assets as part of a restructuring. China’s shipping giant COSCO and Shanghai Sino-Poland Enterprise would each take 10 percent of its 20 percent stake. The move is part of the bank simplifying its business, after selling in October its retail and wealth management arms in five Asian countries to Singapore’s DBS. — Reuters