Hangzhou City Construction Investment Group Limited and Hangzhou Communications Investment Group Co., Ltd. entered into a binding sale agreement to acquire 10% stake in Bank of Hangzhou Co., Ltd. (SHSE:600926) from Commonwealth Bank of Australia (ASX:CBA) for approximately AUD 1.8 billion on March 1, 2022. Commonwealth Bank of Australia has agreed with Bank of Hangzhou Co., Ltd. to retain its remaining shareholding of approximately 5.57% until at least February 28, 2025 (subject to certain exceptions, including if the transaction is terminated prior to completion). As of May 12, 2022, The transaction has been approved by China Banking and Insurance Regulatory Commission. Completion of the Transaction is subject to a number of customary conditions including regulatory approval from the China Banking and Insurance Regulatory Commission, receipt of a confirmation opinion from the Shanghai Stock Exchange and registration of the share transfer by China Securities Depository and Clearing Corporation Limited. The completion of the transaction is currently expected to occur around the middle of calendar year 2022. Upon completion, the transaction is expected to deliver a pro forma uplift to the Commonwealth Bank of Australia's CET1 ratio of approximately 35 basis points on an Australian Prudential Regulation Authority (APRA) basis. Zhou Zihao, Yan Haoxuan and Hu Yiwei of CSC Financial Co., Ltd. (SEHK:6066) acted as Financial advisor to bank of Hangzhou. Morgan Stanley Group Inc. acted as financial advisor to Commonwealth Bank of Australia.

Hangzhou City Construction Investment Group Limited and Hangzhou Communications Investment Group Co., Ltd. completed the acquisition of 10% stake in Bank of Hangzhou Co., Ltd. (SHSE:600926) from Commonwealth Bank of Australia (ASX:CBA) on June 30, 2022. Jonathan Grant and Jiang Zhihui of King & Wood acted as legal advisor to Commonwealth Bank of Australia.