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02

ANZ Bank to Sell Shanghai Rural Stake for A$1.84 Billion

By Tony Seruga

China Cosco, Shanghai Sino-Poland to each take 10% stake
Sale is latest by CEO Elliott to reduce ANZ’s presence in Asia

Australia & New Zealand Banking Corp. sold its 20 percent stake in Shanghai Rural Commercial Bank for A$1.84 billion ($1.32 billion), 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 each buy a 10 percent stake in the Chinese bank, the Melbourne-based company said in a statement Tuesday. The stake was valued at A$2 billion in ANZ’s 2015 annual report…

ANZ Bank to Sell Shanghai Rural Stake for A$1.84 Billion

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