ANZ completes China bank investment
(11 July 2006 – China) ANZ has completed the purchase of its 20 percent stake in China’s Tianjin City Commercial Bank (TCCB) for US$111.5 million.
The deal came in cheaper than forecast at the end of 2005 when ANZ expected to pay US$120 million for a stake in TCCB.
TCCB has a network of 180 branches and offices serving more than five million customer accounts. At the end of December 2005 it had assets of US$8.5 billion.
Tianjin, which is 120 kilometres east of Beijing, has a population of 11 million and is China’s largest northern port.
ANZ chief executive John McFarlane travelled to China to celebrate the launch of the strategic partnership with TCCB president Wang Jinlong.
"Having just celebrated our 20th anniversary in China, ANZ embarks on our next decade in China with even greater momentum as a result of this strategic partnership," McFarlane said.
ANZ senior managing director, Dr Bob Edgar has been in Tianjin working with TCCB on what the bank has described as "quick win" project which will be completed over the next six months.
The focus of these projects will be on risk management, retail banking, small and medium sized enterprise lending, and corporate governance.
TCCB has a network of 180 branches and offices serving more than five million customer accounts. At the end of December 2005 it had assets of US$8.5 billion.
Tianjin, which is 120 kilometres east of Beijing, has a population of 11 million and is China’s largest northern port.
ANZ chief executive John McFarlane travelled to China to celebrate the launch of the strategic partnership with TCCB president Wang Jinlong.
"Having just celebrated our 20th anniversary in China, ANZ embarks on our next decade in China with even greater momentum as a result of this strategic partnership," McFarlane said.
ANZ senior managing director, Dr Bob Edgar has been in Tianjin working with TCCB on what the bank has described as "quick win" project which will be completed over the next six months.
The focus of these projects will be on risk management, retail banking, small and medium sized enterprise lending, and corporate governance.
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