ANZ offloads Shanghai bank stake

ANZ has kicked off the new year by advancing its strategy to cut its retail presence in Asia through announcing the sale of its stake in Shanghai Rural Commercial Bank (SRCB). Banking Group Ltd. will pocket 1.323 billion US dollars once it offloads its 20 ... ( read original story ...)

ANZ Sells Shanghai Bank Stake in Unwinding of Asia Expansion

Australia & New Zealand Banking Corp. agreed to sell its 20 percent stake in Shanghai Rural Commercial Bank Co. for A$1.84 billion ($1.33 billion), Chief Executive Officer Shayne Elliott’s latest move to unwind an Asian expansion that sapped profits. ( read original story ...)

ANZ’s Shanghai stake sale balances risks

Shanghai Rural contributed $259m to ANZ’s post-tax profit in the last financial year. Moreover, if ANZ goes through with the selldown of the rest of its minority Asian bank stakes, as planned, that earnings hole would grow to around 10 per cent ... ( read original story ...)