ANZ takes major stake in Chinese bank
(8 December 2005 – China) ANZ has reinforced its credentials as the Australian bank that is most aggressively growing its Asian business following the announcement that it has taken a 19.9 percent stake in China’s Tianjin City Commercial Bank.
Tianjin is China’s fourth largest city commercial bank with assets of US$8 billion as at October this year. The bank has 180 branches serving five million customer accounts.
The Tianjin municipality has a population of 11 million people and is China’s largest port in the north, 120 kilometres east of capital Beijing. Its GDP grew 16 percent in 2004 to reach US$35 billion.
ANZ signed a Share Subscription Agreement covering the 19.9 percent – the biggest stake any individual foreign bank can take in a Chinese bank – for US$120 million.
ANZ will provide technical assistance to Tianjin as well as intellectual property. Part of this will include a specific program supported by a US$5 million future development fund to develop risk management, retail banking, and trade finance capabilities within the Chinese bank.
ANZ group managing director for Asia Pacific, Elmer Funke Kupper, said the stake provided the bank with an exciting opportunity to partner one of China’s fastest growing city commercial banks in one of the country’s fastest growing regions.
The Tianjin municipality has a population of 11 million people and is China’s largest port in the north, 120 kilometres east of capital Beijing. Its GDP grew 16 percent in 2004 to reach US$35 billion.
ANZ signed a Share Subscription Agreement covering the 19.9 percent – the biggest stake any individual foreign bank can take in a Chinese bank – for US$120 million.
ANZ will provide technical assistance to Tianjin as well as intellectual property. Part of this will include a specific program supported by a US$5 million future development fund to develop risk management, retail banking, and trade finance capabilities within the Chinese bank.
ANZ group managing director for Asia Pacific, Elmer Funke Kupper, said the stake provided the bank with an exciting opportunity to partner one of China’s fastest growing city commercial banks in one of the country’s fastest growing regions.
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