Facts "Australia and New Zealand Banking Group Ltd (ANZ), Australia's third-largest bank, announced yesterday that it has bought a 20 per cent stake in China's Tianjin City Commercial Bank for US$111.5 million. "

(Chinadaily)Australia and New Zealand Banking Group Ltd (ANZ), Australia's third-largest bank, announced yesterday that it has bought a 20 per cent stake in China's Tianjin City Commercial Bank for US$111.5 million.

ANZ's latest acquisition, which hastens the group's push to expand in China, cost slightly less than the initial price of US$120 million announced last December, when ANZ signed a share subscription agreement to invest in the Tianjin bank.

A 20 per cent stake, according to the Chinese banking regulator, is the largest proportion that any single foreign investor can buy of a Chinese bank.

The equity investment, in which the Tianjin bank will allocate 495,625,000 shares to the ANZ, "is the most significant step in the growth of ANZ's business in Asia to date," ANZ Chief Executive Officer John Mcfarlane said in a statement.

"Having just celebrated our 20th anniversary in China, ANZ embarks on our next decade in China with even greater momentum as a result of this strategic partnership," said Mcfarlane.

The city commercial bank in Tianjin, a port city about 100 kilometres southeast of Beijing, is one of China's leading city commercial banks.

It is ranked second for comprehensive competitiveness among the country's 133 city commercial banks, according to a Chinese bank listing complied by British magazine The Banker.

The Tianjin bank has a network of 180 branches, sub-branches and savings offices, serving more than 5 million customer accounts, with total assets standing at US$8.5 billion by the end of last year.