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 ...)

PwC sees rising IPOs in Shanghai and Shenzhen

PwC said that the value of IPOs in 2016 fell by 5.2 percent to 150.4 billion yuan ($21.6 billion). [Photo/IC] The number of initial public offerings on the Shanghai and Shenzhen stock markets is expected to increase rapidly in the current year-and their ... ( read original story ...)

How Hong Kong topped the world in IPO funds raised in 2016

Hong Kong led the world in terms of amount of funds raised by initial public offerings (IPOs) in 2016 despite a substantial decline from 2015, leaving Shanghai and New York a distant second and third respectively, according to PwC. Total funds raised by ... ( read original story ...)

ANZ sells Shanghai Rural stake for $1.3 billion

SYDNEY (Reuters) - Australia and New Zealand Banking Group Ltd said on Tuesday it will sell its 20 percent stake in Shanghai Rural Commercial Bank Co Ltd for A$1.8 billion ($1.3 billion), as part of its broader sell-down of Asian assets. "The sale reflects ... ( read original story ...)