The Chinese shipping conglomerate has agreed to acquire a minority stake in the Shanghai Rural Commercial Bank from Australia & New Zealand Banking Corp. for $0.66 million.
China COSCO Shipping has agreed to acquire a minority stake in the Shanghai Rural Commercial Bank (SRCB) from Australia & New Zealand Banking Corp. (ANZ) for about $0.66 million, according to a statement from ANZ.
The Chinese shipping conglomerate and Shanghai Sino-Poland Enterprise Management Development Corp will each purchase a 10 percent stake in SRCB for a total consideration of 9.19 million yuan renminbi (U.S. $1.33 million), which will reduce ANZ’s holding in the company to zero.
The sale is expected to be completed by mid-2017, subject to customary closing conditions and regulatory approvals.
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 percent stake in China Bohai Bank.
COSCO to purchase 10% stake in Shanghai bank
