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Report: ANZ trims stake in Bank of Tianjin

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Report: ANZ trims stake in Bank of Tianjin

Australia& New Zealand Banking Group Ltd. pared down its stake inBank of Tianjin Co.Ltd. to 11.9% from 14.2% after the Chinese lender its shares on the HongKong stock exchange, The AustralianFinancial Review reported March 30.

ANZ may also cut its stake further as it terminated anexisting business cooperation and technical assistance agreement with theChinese bank.

ANZ's sale of shares in Bank of Tianjin came as CEO ShayneElliott seeks to streamline the Australian bank's business in Asia.