News:Asia

Cosco Shipping spends $660m 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.

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.

Posted 04 January 2017

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Lee Hong Liang

Lee Hong Liang
Asia Correspondent, Seatrade Maritime

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