ANZ sells Shanghai bank stake in latest move to unwind Asia expansion
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
