ANZ's Elliott picks wrong target in retreat from Asia
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Sydney
SHAYNE Elliott's attempt to unwind Australia & New Zealand Banking Group Ltd's Asian expansion appears to be hitting its limits.
ANZ's A$1.84 billion (S$1.93 billion) sale of its stake in Shanghai Rural Commercial Bank represents almost half the A$4.27 billion in Asian bank investments on the Australian lender's balance sheet at the end of September. The ANZ chief executive officer will find further disposals much harder.
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