Shanghai Sino-Poland Enterprise Management Development Corporation Limited and China COSCO Shipping Corporation Limited agreed to acquire 20% stake in Shanghai Rural Commercial Bank Co., Ltd from Australia and New Zealand Banking Group Limited (ASX:ANZ) for CNY 9.2 billion on December 31, 2016. The sale price represents a price-to-book ratio of approximately 1.1 times SRCB's net assets as at December 2015. COSCO and Sino-Poland Enterprise each will acquire 10% of Shanghai Rural Commercial Bank. As on September 18, 2017, under revised arrangement Baoshan Iron & Steel Co., Ltd. (SHSE:600019) will acquire 10% stake in Shanghai Rural Commercial Bank Co., Ltd. instead of Shanghai Sino-Poland Enterprise Management Development Corporation Limited. Baoshan Iron & Steel Co., Ltd. will acquire 10% stake for CNY 4.6 billion.

Board of Directors of Baoshan Iron & Steel Co., Ltd. approved the transaction. The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed by mid-2017. As of October 25, 2017, the transaction is expected to close by late 2017. Goldman Sachs Australia Pty. Ltd. acted as financial advisor and Terence Foo, Glen Ma, Jay Liang and Kenny Yu of Clifford Chance acted as legal advisor to Australia and New Zealand Banking Group. UBS AG, Hong Kong Branch acted as financial advisor to Baoshan Iron & Steel in this transaction.

Baoshan Iron & Steel Co., Ltd. (SHSE:600019) and China COSCO Shipping Corporation Limited completed the acquisition of Shanghai Rural Commercial Bank Co., Ltd from Australia and New Zealand Banking Group Limited (ASX:ANZ) on December 18, 2017.