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ANZ Joins Banks Exiting Chinese Mainland

By Wu Yujian and Chen Na
A branch of Australia and New Zealand Bank is seen in Beijing. This bank sold its 20% share in Shanghai Rural Commercial Bank, according to a company statement released on Tuesday. Photo: Visual China
A branch of Australia and New Zealand Bank is seen in Beijing. This bank sold its 20% share in Shanghai Rural Commercial Bank, according to a company statement released on Tuesday. Photo: Visual China

(Beijing) — One of Australia's biggest banks has joined a slew of lenders keen on selling Chinese bank holdings due to international risk-control regulations imposed since the 2008 global financial meltdown.

Australia & New Zealand Banking Group Ltd. (ANZ) announced Tuesday it plans to sell its 20% stake in Shanghai Rural Commercial Bank for 9.19 billion yuan ($1.32 billion) to two buyers.

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