ANZ close to deal

Australia's ANZ Banking Group said it is in the final negotiation stages to complete a deal to buy a stake in China's Tianjin City Commercial Bank, The Wall Street Journal reported. ANZ is believed to be seeking to take about a 20% stake in the Chinese bank for US$74 million to US$111 million. ANZ, Australia's third largest lender by market capitalization, joins other Australian banks looking to Asia to help grow profits amidst a price war back home in the deposit and mortgage markets. The country's biggest bank, Commonwealth Bank of Australia, in April announced its second bank investment — a stake in Hangzhou City Commercial Bank, following its stake purchase last year in Jinan City Commercial Bank.