US EditionCommonwealth Bank of Australia Sells Stake in Bank of Hangzhou: A Strategic Shift Unveiled
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Commonwealth Bank of Australia Sells Stake in Bank of Hangzhou: A Strategic Shift Unveiled
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CBA closes stake sale in Bank of Hangzhou to NCI
Commonwealth Bank of Australia (CBA) has concluded the sale of its remaining shareholding in Bank of Hangzhou (HZB) to New China Life Insurance (NCI), a Beijing-based life insurer. The transaction marks the completion of CBA’s divestment from the Chinese bank. In January this year, CBA signed an agreement to sell its remaining 5.45% stake in HZB to NCI, which is said to yield approximately A$940m (then $593m) in gross proceeds for CBA. Establish…
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