Commonwealth Bank of Australia CBA plans to purchase 19.9% of the shares in China's Hangzhou City Commercial Bank for A$100 million $78 million.
At the same time, the bank has bought Macquarie Bank's Shanghai-based mortgage broking business and plans to re-name it CommFinance. CBA is said to have paid around A$1.4 billion for the Macquarie mortgage originator, which has a loan book in China estimated at several hundred million dollars.
The acquisitions still await approval from the Chinese regulatory authorities.
The acquisition in Hangzhou follows a similar investment made in November last year when CBA bought 11% of Jinan City Commercial...
