ANZ on brink of further China stake
(8 November 2006 – China) ANZ is set to expand its footprint in China by taking a 19.9 percent stake in Shanghai Rural Bank, according to reports.
ANZ already owns a similar stake in Tianjin City Commercial Bank, for which it paid US$120 million last December.
ANZ chief executive John McFarlane will fly to China at the end of this month according to sources and could ink a deal to pay up to US$500 million for the Shanghai bank.
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.
ANZ has confirmed talks between the two parties are taking place.
ANZ chief executive John McFarlane will fly to China at the end of this month according to sources and could ink a deal to pay up to US$500 million for the Shanghai bank.
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.
ANZ has confirmed talks between the two parties are taking place.
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