ANZ completes RBS Hong Kong acquisition
Australia and New Zealand Banking Group Limited (ANZ) announced it had completed the acquisition of The Royal Bank of Scotland’s (“RBS”) retail and commercial businesses in Hong Kong. The company also announced the launch of a new service known as ANZ Signature Priority Banking, which is to be rolled out across Asia Pacific over the next 18 months.
ANZ said the purpose of ANZ Signature Priority Banking was to meet the needs of affluent retail customers, with the first branch to open in Central Hong Kong at the International Finance Centre.
The company said the new service is available for individuals in Hong Kong with assets greater than HK$1 million to invest.
ANZ CEO Asia Pacific, Europe and America, Alex Thursby, said the RBS integration is progressing to plan and that the company was focusing on growing its commercial banking business in Hong Kong.
“ANZ has a very strong heritage in commercial banking, and we’ll provide a relationship-led service for our new commercial clients, backed by our institutional product range and network across more than 30 countries globally,” Mr Thursby said.
The company said re-branded the former RBS Hong Kong branches and brought customers and staff across to ANZ, adding that RBS customers retain their existing relationship managers and can continue to access branches, ATMs and internet banking facilities as usual.
The Hong Kong acquisition is the third of six markets to transition to ANZ ownership after the RBS acquisition was completed in the Philippines and Vietnam in late 2009.
ANZ said it is acquiring the RBS retail and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong, and the institutional businesses in Taiwan, the Philippines and Vietnam.
Ath the close of trade Friday, ANZ shares were trading at $25.11.
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