KWM assists CBA with A$940 million sale of remaining shareholding in Bank of Hangzhou
KWM has advised Commonwealth Bank of Australia (CBA) on the sale of its remaining approximately 5% shareholding in Bank of Hangzhou Co., Ltd (HZB) for RMB 4.3 billion (approximately A$940 million). The buyer is New China Life Insurance Co., Ltd, a Beijing-headquartered life insurance company dual listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. HZB is a commercial bank based in Hangzhou, China is listed on the Shanghai Stock Exchange.
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