Cosco Shipping to Buy Stake in Shanghai Bank
China Cosco Shipping Corporation Limited (Cosco Shipping) has splashed out RMB4.6bn ($660m) to acquire a 10% stake in Shanghai Rural Commercial Bank (SRCB) from Australia and New Zealand Banking Group (ANZ).
ANZ also sold another 10% stake in SRCB for the same consideration to Shanghai Sino-Poland Enterprise Management Development Corporation Limited as part of the deal, MANA correspondent reported.
Cosco Shipping is formed from the merger of China’s two largest state-owned shipping conglomerates – China Ocean Shipping (Group) Company and China Shipping (Group) Company.