CBA spends more petty cash in China

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 Bank in Shandong Province for...

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