Published by Finews.asia – 18th Dec 2017
ANZ Bank finalized the sale of its stake in Shanghai Rural Commercial Bank and announced plans for a A$1.5 billion share buyback.
The Melbourne-based bank has been gradually shedding its holdings in Asia and announced in January it had reached an agreement to sell its stake in Shanghai Rural Commercial Bank (SRCB) to China Cosco Shipping Corporation and Shanghai Sino-Poland Enterprise Management Development Corporation.
The bank will return the money from the Shanghai sale to shareholders, and buy back ANZ stock on-market, Chief Financial Officer Michelle Jablko said in a press release.
Just a Ludicrous Notion
In February this year, ANZ’s institutional chief Mark Whelan laughed off the accusation that his bank was pulling out of Asia, turning away from the expansive engagement of former CEO Mike Smith.
Whelan said the notion that ANZ is turning its back on Asia was «ludicrous», according to an interview with Perth-based «WAToday». ANZ sold its life insurance business to Swiss giant Zurich Insurance for A$2.85 billion.
The simplification of the wealth management business was a key target for ANZ boss Shayne Elliott, who wants his bank to be a lean, mean and modern machine.
