ANZ buys $126-mn new shares in Bank of Tianjin to maintain 20% stake

13 Nov 2010

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In a bid to maintain its 20 per cent ownership stake ANZ Banking Group Ltd (ANZ) has spent another $126 million in Bank of Tianjin as the Chinese bank conducts $629-million capital raising. The Chinese bank will issue shares at RMB5.2 per share valuing the bank at $2.3 billion.

ANZ spent $159 million for the acquisition of its stake in Bank of Tianjin in 2006 and is currently its second biggest shareholder.

Meanwhile, Australia & New Zealand Banking Group (ANZ) has continued its investment in the Pacific in the 2010 financial year focusing on building a strong and sustainable regional bank through enhancement of customers' banking experience, investment in core capabilities, development of local leaders and supporting Pacific communities.

In recently announced full-year results it posted a net profit after tax of $132 million, for its Pacific business this year.

Chief executive officer for Pacific, Michael Rowland, in an email said: ''Our investment in the region reflects our commitment to being part of the Pacific's ongoing development by providing affordable and reliable banking services to customers across 12 Pacific countries.

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