ANZ eyes Shanghai stake
28 October 2004
Australia and New Zealand Banking Group (ANZ) said it is considering taking a up to a 19.9% stake in the Shanghai Rural Credit Co-operatives Union, once the organization completes its restructuring as a commercial bank as planned next year. ANZ has worked with the group in developing its credit card business and in other areas for nearly a year. With 300 branches in the Shanghai area and over a million individual and business accounts, Shanghai Rural Credit Co-operatives Union is one of the largest such institutions in China. If the deal comes off, it will mark the first time a foreign bank used China's cooperative segment to become a full mainland player.
