Coscocs takes 10% stake in Shanghai Rural Commercial Bank

Coscocs takes 10% stake in Shanghai Rural Commercial Bank

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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