Clifford Chance has advised ANZ on an agreement to sell its 20 percent stake in Shanghai Rural Commercial Bank (SRCB) to China COSCO Shipping Corporation and Shanghai Sino-Poland Enterprise Management Development Corporation, which were represented by Linklaters.

The deal will see COSCO and Sino-Poland Enterprise each acquire 10 percent of SRCB for $1.32 billion.  

The Clifford Chance team was led by its China co-managing partner Terence Foo, along with corporate partner Glen Ma.

ANZ's initial investment in SRCB was made in 2007, and has since then invested a total of $417 million.