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Cosco to acquire 10pc stake in Shanghai bank from ANZ for US$660m

Time：2017-01-10 Browse：226 Author：RISINGSUN

CHINESE state-owned CHINA Cosco Shipping and Shanghai Sino-Poland Enterprise Management Development Corp are to acquire a 10 per cent stake in the Shanghai Rural Commercial Bank (SRCB), buying up the entire shareholding of Australia & New Zealand Banking Corp. (ANZ), for a total consideration of CNY9.19 billion (US$1.32 billion).

The deal is expected to be completed by mid-2017, subject to regulatory approvals, according to media reports, citing ANZ.

Cosco has recently purchased stakes in several Chinese banks and financial firms, according to a report in the Financial Times. In December, the company acquired shares of asset manager China Cinda Asset Management, and last year, acquired a 13.6 per cent stake in China Bohai Bank.