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Report: ANZ considers reducing stake in Shanghai Rural Commercial Bank

Australia& New Zealand Banking Group Ltd. is considering selling part ofits stake in Shanghai RuralCommercial Bank Co. Ltd. as part of efforts to divest minoritystakes in Asia, Reuters reported April 8, citing "people familiar with thematter."

ANZ has a 20% stake in the Chinese bank, which is valued atalmost US$1.5 billion. Goldman Sachs is advising ANZ on the saleof its stake in the Chinese lender, the sources said.

ANZ declined to comment on the matter, while Shanghai RuralCommercial Bank could not be reached for comment, the news outlet reported.

The Australian bank is also consider selling its 24%stake in Malaysia's AMMB HoldingsBhd.