One of ANZ's early investments in China looks stranded, with the bank announcing yesterday that it will not support a capital raising for Bank of Tianjin.
The decision means the bank's stake in Bank of Tianjin will fall to 17.6 per cent from 20 per cent, ANZ said. ANZ will instead "prioritise further investment to support the growth" of its locally-incorporated subsidiary, ANZ said in a statement.
In November 2010, Bank of Tianjin announced plans to issues new shares worth four billion renminbi. ANZ said at the time that it would maintain its stake (which dates from 2005)...
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