egolinews.com

Australia and New Zealand Banking Group Limited (ANZ) announced the completion of its acquisition of the Royal Bank of Scotland Group plc (RBS) business in the Philippines. ANZ said the acquisition includes RBS retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong, and the institutional businesses in Taiwan, the Philippines and Vietnam for approximately US$550 million.

The company said the Philippines is the first of six markets to transition to ANZ ownership after the acquisition of selected RBS businesses in Asia was announced on August 4.

ANZ chief executive officer Asia Pacific, Europe and America, Alex Thursby, said the RBS acquisition was an important step in the company’s super regional strategy and the completion in the Philippines showed its plans to integrate the businesses are on track.

“The completion of the acquisition in the Philippines strengthens our corporate and institutional business at a time when the growth outlook in the region is very positive,” Mr Thursby said.
ANZ expects to complete the acquisition in Vietnam before the end of 2009 and in the remaining markets by mid-2010.

As at 1113 AEDT, ANZ shares were up 9c to $21.84.

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