SYDNEY Jan 3 Australia and New Zealand Banking
Group Ltd said on Tuesday it will sell its stake in
Shanghai Rural Commercial Bank Co Ltd to China COSCO
Shipping Corp and Shanghai Sino-Poland Enterprise Management
Development Corp for A$1.8 billion ($1.3 billion).
The sale price represents a price-to-book ratio of
approximately 1.1 times Shanghai Rural's net assets as of
December 2015, ANZ said in a statement.
The sale, agreed on Saturday, is subject to conditions and
regulatory approvals and is expected to be completed by
($1 = 1.3910 Australian dollars
(Reporting by Tom Westbrook; Editing by Jonathan Oatis)