Australia's CBA sells Chinese Bank Stake for $1.8bn

The Commonwealth Bank of Australia is selling down one of its last major investments in Asia, offloading a stake in Chinese lender Bank of Hangzhou for $1.8 billion as it seeks to focus on Australia and New Zealand, The Age reported.

CBA said on Tuesday it had entered into a binding agreement to sell a 10% stake in Bank of Hangzhou, and it would retain its remaining 5.57% stake in the Chinese bank for at least another three years.

Read the full report: The Age.

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Tags: Commonwealth Bank of Australia

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.