anz sells shanghai rural commercial bank stake for a$____billion
ANZ to Sell Stake in Shanghai Bank for More Than $1.3 Billion
Australia & New Zealand Banking Group Ltd. agreed to sell its 20% stake in Shanghai Rural Commercial Bank for 9.19 billion yuan (US$1.32 billion), in the latest move to roll back its presence in Asia.
“The sale reflects our strategy to simplify our business and improve capital efficiency,” said ANZ Deputy CEO Graham Hodges. It “will also allow us to focus our resources on our institutional banking business in Asia,” he said.
ANZ said the sale was agreed upon on Dec. 31 and is expected to be completed by mid-2017.