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ANZ sells Shanghai bank stake in latest move to unwind Asia expansion

Wednesday, January 4, 2017 - 05:50


AUSTRALIA & New Zealand Banking Corp has agreed to sell its 20 per cent stake in Shanghai Rural Commercial Bank Co for A$1.84 billion (S$1.92 billion), in chief executive officer Shayne Elliott's latest move to unwind an Asian expansion that sapped profits.

China Cosco

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