ANZ buys into rural China
(27 September 2007 – China) ANZ has bought a stake in China’s largest rural commercial bank, the Shanghai Rural Commercial Bank (SRCB).
After incoming chief executive, Michael Smith, recently announced ANZ’s intentions for further investment in China, ANZ has announced the completion of a US$263 million (A$318 million) investment to acquire a 19.9 percent stake in SRCB.
The purchase of 745 million shares is part of a strategic partnership providing assistance to SRCB on risk management, retail and small business banking, international trade, human resources and information technology.
Alex Thursby, managing director, ANZ Asia Pacific, said that the investment, one of their largest in Asia, has provided ANZ with an expanded role in Shanghai, one of China’s most dynamic markets.
He also said that the partnership will leverage SRCB’s local franchise and position in greater Shanghai and the broader Yangtze River Delta.
Shanghai is China’s leading commercial and financial centre with a population of more than 18 million and a 12 percent growth in GDP in 2006.
Li Xiu Lun, chairman, SRCB, said that the partnership will accelerate the growth and development of SRCB towards their goal to become a leader in retail and small business banking.
SRCB is the first provincial level rural commercial bank in China and is China’s 17th largest bank by assets. SRCB has 330 branches, more than 420 ATMs, 4100 staff across metropolitan Shanghai and approximately 2.5 million retail customers.
The purchase of 745 million shares is part of a strategic partnership providing assistance to SRCB on risk management, retail and small business banking, international trade, human resources and information technology.
Alex Thursby, managing director, ANZ Asia Pacific, said that the investment, one of their largest in Asia, has provided ANZ with an expanded role in Shanghai, one of China’s most dynamic markets.
He also said that the partnership will leverage SRCB’s local franchise and position in greater Shanghai and the broader Yangtze River Delta.
Shanghai is China’s leading commercial and financial centre with a population of more than 18 million and a 12 percent growth in GDP in 2006.
Li Xiu Lun, chairman, SRCB, said that the partnership will accelerate the growth and development of SRCB towards their goal to become a leader in retail and small business banking.
SRCB is the first provincial level rural commercial bank in China and is China’s 17th largest bank by assets. SRCB has 330 branches, more than 420 ATMs, 4100 staff across metropolitan Shanghai and approximately 2.5 million retail customers.
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