Australia's CBA to divest 10% stake in Bank of Hangzhou for $1.31b

Australia's CBA to divest 10% stake in Bank of Hangzhou for $1.31b

FILE PHOTO: The logo for the Commonwealth Bank of Australia adorns their head office in central Sydney, Australia, October 12, 2017. REUTERS/David Gray/File Photo

Commonwealth Bank of Australia, the country’s No. 1 lender, said it would sell a 10% stake of China’s Bank of Hangzhou for about A$1.8 billion ($1.31 billion), exiting a nearly two-decade-old investment amid market pressure.