SYDNEY: The Commonwealth Bank of Australia (CBA) has announced it has signed a binding sale agreement to divest its remaining 5.45% shareholding in Bank of Hangzhou Co., Ltd (HZB) to New China Life Insurance Co., Ltd (NCI). NCI is a Beijing-headquartered life insurance company with listings on both the Shanghai and Hong Kong stock exchanges.…
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CBA to sell 10% shareholding in Bank of Hangzhou for $1.8bn
SYDNEY, AUSTRALIA: Commonwealth Bank of Australia (CBA) has entered into a binding sale agreement to sell a shareholding of 10% in Bank of Hangzhou (HZB) to Hangzhou Urban Construction & Investment Group and Hangzhou Communications Investment Group, which are entities majority-owned by the Hangzhou Municipal Government. Total gross proceeds expected to be received by Commonwealth…