(21 November 2006 – China) As expected, ANZ has acquired a 19.9 percent stake in China’s Shanghai Rural Commercial Bank for US$252 million.The stake is ANZ’s second investment in China following its purchase of 19.9 percent of Tianjin City Commercial Bank in the north of China in December 2005 for US$120 million.
Shanghai Rural Bank is almost twice the size of Tianjin City Commercial Bank.
ANZ already has a relationship with Shanghai Rural Bank after it signed a technical alliance in 2003 with a credit cooperative that became Shanghai Rural Commercial Bank.