(Yicai Global) Nov. 1 -- The China Banking Regulatory Commission (CBRC) has confirmed the transfer by Australia and New Zealand Banking Group [ASX: ANZ ] (ANZ) of the 20-percent stake it held in Shanghai Rural Commercial Bank Co., and that two large state-owned enterprises in Shanghai will each now hold 10 percent.

The China Banking Regulatory Commission (CBRC) agreed that shipping group China Cosco Shipping Group and Baoshan Iron & Steel Co. [SHA:600019] each receive 10 percent shares of Shanghai Rural Commercial Bank held by ANZ Bank by taking 800 million bank shares, the CBRC's official website announced yesterday.

ANZ Bank had not intended to transfer the shares to Baoshan Iron & Steel, The Paper reported, on Jan. 3, but later announced it would transfer the 20 percent of Shanghai Rural Commercial Bank shares to China Cosco Shipping Group and the joint venture Chinese-Polish Joint Stock Shipping Co. jointly established by China's transport ministry and Polish authorities for a deal price of USD1.39 billion (CNY9.19 billion).

However, on Sept. 18 this year, Baoshan Iron & Steel also announced that the company's board had agreed to buy the 10 percent stake held by ANZ Bank for CNY4.6 billion.

ANZ Bank purchased 19.9 percent stake in Shanghai Rural Commercial Bank in 2007 for USD243 million (AUD318 million) to become the bank's largest shareholder and the bank later upped its investment on several occasions with cumulative investment of AUD568 million.

After the equity transfer concludes, China Cosco Shipping Group Baoshan Iron & Steel and Shanghai State-Owned Assets Operation Co. will all become the largest shareholders of Shanghai Rural Commercial Bank, per the report.