ANZ offloads Shanghai bank stake
ANZ Banking Group
Sydney - Arab Today
ANZ Bank Tuesday agreed to sell its stake in Shanghai Rural Commercial Bank for $1.32 billion as it continues to offload Asian assets as part of a restructure.
The Australia and New Zealand Banking Group said Chinese shipping giant COSCO and Shanghai Sino-Poland Enterprise would each take 10 percent of its 20 percent holding.
The move is part of the bank simplifying its business, having announced the sale in October of its retail and wealth management arms in five Asian countries to Singapore’s DBS.
“As we have previously stated, the sale reflects our strategy to simplify our business and improve capital efficiency,” said ANZ Deputy Chief Executive Graham Hodges.
“The sale will also allow us to focus our resources on our institutional banking business in Asia.”
All of Australia’s big banks are battling higher funding costs, lower interest margins and rising bad-debt charges, with ANZ aiming to not only have a simpler business but also become better capitalized.
In announcing the sale of its retail and wealth management arms in Singapore, Hong Kong, China, Taiwan and Indonesia, ANZ said it would allow it to better focus on corporate and institutional clients in Asia.
Source: Arab News
- Friday ,16 November GMT 15:05 2018 World Bank Regional Vice President First Visit to West Bank and Gaza
GMT 14:08 2018 Friday ,14 December
Bank of Russia raises key rateGMT 13:23 2018 Thursday ,13 December
Philippine central bank holds overnight borrowing rate steadyGMT 11:33 2018 Tuesday ,11 December
Top EU court backs legality of ECB bond buyingGMT 20:46 2018 Wednesday ,05 December
World Bank funds water projects in North Kordofan StateGMT 15:06 2018 Friday ,30 November
Egypt, World Bank seek cooperation in solid waste recyclingGMT 12:21 2018 Wednesday ,28 November
BisB silver partner of World Islamic Banking ConferenceGMT 09:10 2018 Thursday ,22 November
AIIB Jin Liqun praises Suez Canal projectsGMT 15:05 2018 Friday ,16 November
World Bank Regional Vice President First Visit to West Bank and GazaRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 13:29 2018 Friday ,14 December
Turkey targets military over alleged Gulen links
GMT 20:20 2016 Thursday ,08 September
Daesh makes suicide threat facing US gravest since 9/11 attacks - paper
GMT 12:08 2017 Monday ,04 December
Gucci confirms tax evasion probe
GMT 17:41 2018 Thursday ,06 December
Israeli forces halt construction of school facility in Nablus
GMT 13:05 2018 Thursday ,13 September
Trump looking for personal profit by approving sanctions
GMT 11:53 2017 Thursday ,20 July
Unified family law issuance hailed
GMT 22:30 2011 Friday ,02 September
Pennetta shocks Sharapova at US Open
GMT 11:08 2016 Thursday ,17 November
Bahrain to participate in UN Climate Change Conference
GMT 13:38 2017 Monday ,06 March
Prepares to give stargazers an eyeful
GMT 09:23 2019 Monday ,19 August
Live an important and happy atmosphere
GMT 16:01 2018 Friday ,23 November
Indonesia may charge tourists 500 dollars to see rare Komodo dragonsGMT 12:46 2011 Wednesday ,10 August
Shortage of gold bars and coins hits Dubai
GMT 14:26 2017 Tuesday ,20 June
Blast kills policeman in Bahrain
GMT 03:21 2017 Saturday ,15 April
Woman killed in stampede in Ayodhya
GMT 08:22 2015 Wednesday ,01 July
Shanghai shares close down more than 5%
GMT 11:39 2017 Saturday ,07 January
15 killed in car bomb attack in northern Syrian city
GMT 10:54 2017 Thursday ,02 March
Brexit vote hits Deutsche Telekom profitsGMT 06:54 2011 Wednesday ,30 November
I don\'t regret NDP stint
GMT 12:53 2016 Tuesday ,23 August
Deal puts Microsoft apps on Lenovo smartphones
GMT 19:21 2014 Friday ,24 January
Pam Dawber to guest star on \'The Crazy Ones\'
GMT 06:55 2013 Sunday ,24 November
Crabbing, a natural way to treat seasonal affective disorderGMT 08:02 2011 Saturday ,04 June
\'I never liked my eldest daughter\'
GMT 18:32 2017 Monday ,13 February
Britney Spears shows her body in hot mini dress
GMT 15:00 2014 Wednesday ,01 January
Egypt \'hands 139 Morsi backers 2-year jail terms\'GMT 14:07 2012 Wednesday ,18 July
Johnson\'s Life of London by Boris Johnson
GMT 16:30 2015 Thursday ,18 June
Pope urges world to act before climate change destroys planet
GMT 15:27 2018 Friday ,07 December
Yemeni gov't agrees to conditionally re-open Sanaa airport
GMT 19:30 2015 Friday ,27 March
Kerry, Lavrov agree possible meeting of Iran talks foreign ministers
GMT 10:23 2018 Monday ,22 October
German economy minister Peter Altmaier calls for Europe to unite on Khashoggi
GMT 19:03 2018 Thursday ,18 October
Globalized violence on social media helped spawn Kerch shooting "Putin"
GMT 01:23 2015 Wednesday ,22 July
Suez security chief inspects forces in southern entrance of Canal
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor