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SYDNEY, Jan 3 (Reuters) - Australia and New Zealand Banking Group Ltd said on Tuesday it will sell its stake in Shanghai Rural Commercial Bank Co Ltd to China COSCO Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp for A$1.8 billion ($1.3 billion).
The sale price represents a price-to-book ratio of approximately 1.1 times Shanghai Rural's net assets as of December 2015, ANZ said in a statement.
The sale, agreed on Saturday, is subject to conditions and regulatory approvals and is expected to be completed by mid-2017. ($1 = 1.3910 Australian dollars (Reporting by Tom Westbrook; Editing by Jonathan Oatis)