SYDNEY, Jan 3 (Reuters) - Australia and New Zealand Banking Group Ltd ANZ.AX said on Tuesday it will sell its stake in Shanghai Rural Commercial Bank Co Ltd SHRCB.UL 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