ANZ's share price mounted its strongest rally in five months on Monday, after the bank announced a A$1.5 billion share buy-back and another asset sale.Following the $2.85 billion sale of its Australian life insurance arm to Zurich last week, ANZ revealed it had offloaded its 20 per cent interest in the Shanghai Rural Commercial Bank(SRCB).The buy-back announcement stoked heavy buying activity in ANZ scrip, with the share price closing only a few cents shy of its intra-day peak.ANZ scrip closed up 66 cents or 2.34 per cent to $28.88 - the biggest percentage gain since July 19 when the share price climbed 4 per cent.Chief financial officer Michelle Jablko hinted that further capital management measures might be in the offing."ANZ's strong capital position combined with the progress made in simplifying our business means we are now in a position to commence returning surplus capital to shareholders while still complying with APRA's unquestionably strong capital requirements," she said."The divestment of non-core businesses, including the sale of our Australian life insurance business last week, should provide ANZ with flexibility to consider further capital management initiatives in the future."Jablko said the bank's CET1 capital ratios as at September 30 would "remain broadly unchanged" on a pro forma basis.She said the capital benefit flowing from the sale of the Shanghai investment would offset the impact of the buy-back.ANZ did not disclose the proceeds it received from offloading the stake in SRCB, which posted a profit of 5.4 million renminbi in 2016. That equates to net earnings of little more than $1 million in Australian currency.The bank said the buyback would likely begin in January subject to market conditions and regulatory requirements.