ANZ Banking Group, has announced it has completed the acquisition of 20% of China's Tianjin City Commercial Bank (TCCB) in a deal worth $US111.5 million ($A148.58 million).The Sydney Morning Herald (AAP) reports, "ANZ has acquired 495.6 million TCCB shares as part of its broad strategic partnership, including extensive cooperation and technical assistance".
According to a statement on ANZ's website dated Dec 2005, "Tianjin City Commercial Bank is China's fourth largest city commercial bank by assets and recently ranked number two in an independent survey of overall competitiveness among China’s 112 City Commercial Banks. Tianjin City Commercial Bank has a network of 180 branches, sub-branches and savings offices serving over 5 million customer accounts. Total assets were approximately US$8 billion as at October 2005."
