6 January 2017
Clifford Chance advises ANZ on A$1.84 billion sale of its 20% stake in Shanghai Rural Commercial Bank
Leading international law firm Clifford Chance advised ANZ on its agreement to sell its 20% stake in Shanghai Rural Commercial Bank (SRCB) to China COSCO Shipping Corporation Limited and Shanghai Sino-Poland Enterprise Management Development Corporation Limited.
The agreement will see COSCO and Sino-Poland Enterprise each acquire 10% of SRCB for a total consideration of RMB9.19 billion (approximately A$1.84 billion or US$1.32 billion).
The deal 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's initial investment in SRCB was made in 2007 and has since invested a total of A$568 million in SRCB.