ANZ injects $250 mil into SRCB
(26 October 2010 – China) Australia and New Zealand Banking Group has announced that it will invest an additional A$250 million into Shanghai Rural Commercial Bank (SRCB).
ANZ’s cash injection into the Chinese lender was part of SRCB’s drive to raise capital.
The bank is rapidly pushing into the region as part of its super regional strategy and also increasing its stake in SCRB from 19.9 percent to 20 percent, the maximum allowed by China.
ANZ’s Asia head, Alex Thursby, said that the bank’s participation in SRCB's capital raising reflected its confidence in the partnership and the bank’s long term commitment to growing its presence in China.
"With its strong economic growth, China is a key part of ANZ's super regional bank aspiration.'
ANZ, which aims to generate 20 percent of its earnings from Asia by 2012, said it is exploring further areas for business co-operation with SRBC, particularly in trade finance and markets.
The bank is rapidly pushing into the region as part of its super regional strategy and also increasing its stake in SCRB from 19.9 percent to 20 percent, the maximum allowed by China.
ANZ’s Asia head, Alex Thursby, said that the bank’s participation in SRCB's capital raising reflected its confidence in the partnership and the bank’s long term commitment to growing its presence in China.
"With its strong economic growth, China is a key part of ANZ's super regional bank aspiration.'
ANZ, which aims to generate 20 percent of its earnings from Asia by 2012, said it is exploring further areas for business co-operation with SRBC, particularly in trade finance and markets.