Clifford Chance advised ANZ on its agreement to sell its stake in Shanghai Rural Commercial Bank (SRCB).
ANZ sold its 20% stake in SRCB to China COSCO Shipping Corporation Limited and Shanghai Sino-Poland Enterprise Management Development Corporation Limited for RMB9.19 billion (approximately A$1.84 billion or US$1.32 billion).
COSCO and Sino-Poland Enterprise each acquired 10% of SRCB.
The Clifford Chance team was led by China Co-Managing Partner Terence Foo and Corporate Partner Glen Ma who were supported by associates Jay Liang and Kenny Yu.
The agreement was signed on 31 December 2016 and is subject to customary closing conditions and regulatory approvals.
ANZ said it invested a total of $568 million in SRCB since 2007. The deal means $1.3 billion in equity accounted earnings return, the bank said. It also noted that $178 million has been produced over time from the investment.
ANZ is expected to continue to sell minority stakes in several other Asian banks throughout the year.
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