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ANZ inks China bank deal

ANZ inks China bank deal

(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.
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