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

© Copyright 2017 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Lee Hong Liang
Asia Correspondent, Seatrade Maritime

[FREE SAMPLE PAGES]  Seatrade Maritime Review, March Issue

Our March issue reports on why Seafarers remain an essential link in the shipping chain, and the future of the industry hinges on doing everything possible to enhance their career prospects and welfare at sea, as highlighted in the recent MARTHA report. Also our Market analysis includes the resurgent dry bulk sector, country reports Denmark’s ‘Blue Economy’, and the Technical section a focus on emissions reduction. 

Our latest issue features:

  • Container Analysis
  • Company Analysis
  • Seatrade Ship Managers Survey 2017 results
  • Panama Ship Registry turns 100
  •  Plus much more

Download the sample pages here. 

Seatrade Awards       

Deal of the Year

The award for the Deal of the Year recognises and rewards a significant business deal within the international maritime industry, helping to support its growth and sustainability.

Focusing on identifying a successful business transaction, this award category rewards the work ensuring the continuing improvement of maritime standards across the community.

Got a success story worthy of winning the Deal of the Year category? No matter the size or scale of your business, brand or organisation, these award categories are open to all.

Entries close Thursday 23 March 2017 – find out more about entering today.

ENTER NOW