Briefs: ANZ China stake sale, ASIC rip Westpac on rates and MyState picks IT supplier
ANZ have mandated Goldman Sachs to find a buyer for its 20 per cent stake in Chinese lender Shanghai Rural Commercial Bank, The Weekend Australian reported. The sale of this holding in SRCB "is likely to be followed by ANZ's other minority interest in China — the 12 per cent stake in commercial lender Bank of Tianjin" within a year, the newspaper added. Some colourful and provocative language allegedly employed by senior staff and rates traders at Westpac features in a report in the Financial Review on a statement of claim prepared by ASIC in connection with the regulator's case on claimed rigging of the bank bill swap rate. Traders at Westpac openly discussed how "f[iddling] with the rate set" could hurt some customers and "deservedly" harm the bank's reputation if an inquiry into the bank bill market was ever conducted, the AFR outlined. MyState Limited have picked an IT supplier for an upgrade of their "digital channels and customer experience offering". Rubik Financial on Friday said the Tasmanian-based and ASX-listed ADI picked it for the work. Rubik said MyState would implement its solutions from August.