ANZ Bank Tuesday agreed to sell its stake in Shanghai Rural Commercial Bank for Aus$1.84 billion (US$1.32 billion) as it continues to offload Asian assets as part of a restructure.
The Australia and New Zealand Banking Group said Chinese shipping giant COSCO and Shanghai Sino-Poland Enterprise would each take 10 percent of its 20 percent holding.
The move is part of the bank simplifying its business, having announced the sale in October of its retail and wealth management arms in five Asian countries to Singapore’s DBS.
“As we have previously stated, the sale reflects our strategy to simplify our business and improve capital efficiency,” said ANZ deputy chief executive Graham Hodges.
