Australia and New Zealand Banking Group (ANZ) has swapped one of the buyers of its 20% stake in Shanghai Rural Commercial Bank (SRCB).

ANZ originally decided to offload the stake to China Cosco Shipping and Shanghai SinoPoland Enterprise Management Development for $1.4bn earlier this year, with each entity acquiring a 10% stake.

Under a revised sale agreement, Shanghai Sino-Poland will be replaced by Baoshan Iron and Steel that will pay RMB4.6bn ($698.4m) for a 10% stake. The financial terms of the deal will remain unchanged.

The transaction is currently subject to regulatory nod and is expected to boost ANZ’s APRA CET1 capital ratio by 40 basis points.

ANZ deputy CEO Graham Hodges said: “There are no material changes to the financial terms of the sale for ANZ. This is a positive outcome for SRCB and its customers given Bao Group is a leading State Owned Enterprise with a strong track record investing in financial services.”