Australia and New Zealand Banking Group is to pay about US$120 million for a 19.9% stake in Tianjin City Commercial Bank, the foreign group has announced. ANZ will provide an additional US$5 million for TCCB to build risk management, retail banking and trade finance capabilities. The bank is China's fourth-largest city-level commercial lender by assets with 180 branches in Tianjin, serving more than 5 million customers. TCCB will have access to ANZ's intellectual property and technical resources while the Australian lender will have representation on the bank's board of directors and appoint senior executives in the bank's retail banking and risk management divisions.
You must log in to post a comment.