ANZ, CIMB offload Chinese bank stakes

china lantern px230
By Rashmi Kumar
03 Jan 2017

ANZ and CIMB have both revealed plans to sell their respective stakes in Shanghai Rural Commercial Bank (SRCB) and Bank of Yingkou, as part of strategies to focus on their core businesses.

The Australian lender said on Tuesday that it would sell its 20% stake in SRCB to China Cosco Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp for a total consideration of Rmb9.19bn ($1.32bn). The buyers will pick up a 10% stake each, with the sale price representing ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial