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ANZ interested in new Chinese bank

ANZ interested in new Chinese bank

(17 August 2005 – China) ANZ is gearing up to take another stake in the Asian banking markets with the Australian bank reportedly set to buy into Shanghai Rural Commercial Bank. ANZ vice president of the Shanghai branch, Bob Zhu, admitted the bank was interested in securing a stake in the newly created Chinese bank but did not provide further details.

Shanghai Rural Commercial Bank was formed from the Shanghai Rural Cooperatives Union which presides over the city’s more than 230 rural credit unions.

China’s banking regulator approved of the new bank, which will be backed by government supported investment firm Shanghai International Group.
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