ANZ Banking Group
(ASX:ANZ) has boosted its stake in the Shanghai Rural Commercial Bank for $250 million.
ANZ has taken up the offer to invest in the Shanghai bank, who has launched a $1.2 billion capital raising to existing and new shareholders.
The $250 million investment from ANZ will lift its interest from 19 per cent to 20 per cent, the most that can be owned by a foreign bank in China.
Chief executive of Asia Pacific, Europe and America Alex Thursby says the bank’s participation in the capital raising reflects its confidence in the partnership as well as long term commitment to growing ANZ’s presence in China.
ANZ Banking Group posted a profit of $1.93 billion in the six months to 31 March 2010.
