Shanghai Daily news

Shanghai Rural Commercial Bank is chasing a listing as part of its expansion strategy after it attracted Australia & New Zealand Banking Group as strategic partners, bankers said yesterday.
"Our strategy is to be qualified as a public bank in three years but the process may take longer," said Li Xiulun, chairman of the Shanghai bank.
He declined to disclose more details and said there was no specific plan on hand.
Australia's third-biggest bank yesterday signed an agreement to buy a 19.9 percent stake in the Shanghai Rural Commercial Bank with US$252 million.
The Shanghai bank has positioned itself as a bank targeting entities and individuals in rural areas and hopes to gain from ANZ's expertise in retail banking such as credit card and mortgage services.
The stake in the Shanghai bank marks ANZ's expansion in eastern China as ANZ has already gained a foothold in northern China by purchasing a 19.9 percent stake in Tianjin City Commercial Bank for US$120 million.
The Shanghai bank was set up in August last year by combining the city's 230-plus rural cooperatives with a registered capital of three billion yuan (US$379.8 million).
The Shanghai bank now has 330 outlets in Shanghai, covering the rural areas. It is the fourth domestic bank headquartered in the city, which holds the country's fifth-biggest lender.