Australia’s ANZ Bank has announced that it is selling its 20% stake in Shanghai Rural Commercial Bank (SRCB) for A$1.84bn ($1.33bn) to two Chinese state-owned companies.
China Cosco Shipping (Coscocs) and Shanghai Sino-Poland Enterprise Management Development had each agreed to acquire 10 percent of SRCB.
ANZ said the deal is expected to be completed by mid-2017.
Coscocs said the acquisition is another step in expanding its financial businesses.
The company holds stakes in several other Chinese banks and financial companies including China Bohai Bank and China Merchants Bank.
Cosco Shipping Development, the financial leasing platform of Coscocs, announced a non-public share offering plan to raise RMB12bn ($1.73bn) at the end of December.