ANZ bank sells 20pct stake in Shanghai Rural Commercial Bank for $1.3 bln

Jan 3 Australia and New Zealand Banking Group Ltd said on Tuesday it will sell its stake in Shanghai Rural Commercial Bank Co Ltd to China COSCO Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp for A$1.8 billion . The sale price represents a price-to-book ratio of approximately 1.1 times Shanghai Rural’s net assets as of December 2015, ANZ said in a statement.