(7 September 2005 – China) China Banking Regulatory Commission has given Commonwealth Bank of Australia the green light to take a 19.9 percent stake in Hangzhou Commercial Bank.The investment is the second made by CBA in the Chinese market following its purchase of 11 percent of Jinan Commercial Bank in September 2004.
The Australian bank is set to pay US$77 million for Hangzhou.
CBA will also provide support in marketing, IT, financial and risk management, credit management and human resources.
Hangzhou is one of the top five largest city commercial banks in terms of assets.
CBA plans to establish a network across China encompassing banking, insurance and funds management.