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Australian bank buys 19.9% stake in local city lender

(China Daily)
Updated: 2006-11-22 08:55

By introducing ANZ as a strategic partner, the Shanghai bank will leverage ANZ's expertise in a wide range of relevant areas to help it become a leading retail bank in Shanghai, said SRCB Chairman Li Xiulun.

However, the partnership is awaiting regulatory approval, which is expected to be granted within the first half of next year.

Li added that SRCB plans to list its shares within three years.

"The restructuring of the bank into a commercial bank last year is the first step. Today's agreement is the second step. The listing plan will be the third step," Li said, without elaborating.

The Shanghai-based bank, which ranks the 17th by assets among all the Chinese lenders, now operates 330 branches and over 380 ATMs across the city. It had approximately 2.5 million retail customers with total assets of 137 million yuan (US$17 billion) at the end of June.

(China Daily 11/22/2006 page9)