ANZ advised on billion-dollar stake sale
ANZ has been advised on the sale of its 20 per cent stake in Shanghai Rural Commercial Bank.
Firm: Clifford Chance (ANZ); Undisclosed (China COSCO Shipping Corporation Limited); Undisclosed (Shanghai Sino-Poland Enterprise Management Development Corporation Limited)
Deal: ANZ has sold its 20 per cent stake in Shanghai Rural Commercial Bank (SRCB) to China COSCO Shipping Corporation Limited and Shanghai Sino-Poland Enterprise Management Development Corporation Limited.
Value: $1.84 billion
Key players: The legal team advising ANZ was led by Clifford Chance China co-managing partner Terence Foo and corporate partner Glen Ma, with assistance from associates Jay Liang and Kenny Yu.
Deal significance: The agreement will see COSCO and Sino-Poland Enterprise each acquire 10 per cent of SRCB.
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 $568 million in SRCB.