Company News Summary
Australia & New Zealand Banking Group Agrees to Sell its 20% Stake in SRCB
Original announcement: ANZ agrees to sell its 20% stake in SRCB
Australia & New Zealand Banking Group announced that it had reached agreement to sell its 20% stake in Shanghai Rural Commercial Bank (SRCB) to China COSCO Shipping Corporation and Shanghai Sino-Poland Enterprise Management Development Corporation. The agreement will see COSCO and Sino-Poland Enterprise each acquire 10% of SRCB for a total consideration to the Company of A$1,838m. The sale price represents a price-to-book ratio of 1.1 times SRCB's net assets as at December 2015. The Company has invested a total of A$568m in SRCB. Since 2007, it has recognized A$1.3bn of equity accounted earnings and received A$178m in dividends. In the FY2016 the SRBC investment contributed A$259m to its post-tax profits.
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