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

Published Tue, Jan 3, 2017 · 09:50 PM
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Sydney

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 Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp will buy 10 per cent each, the Melbourne-based company said in a statement on Tuesday. The holding was valued at A$2 billion in ANZ's 2015 annual report.

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