ANZ completes Vietnam acquisition
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 Vietnam and the opening of its tenth branch in Vietnam in Ho Chi Minh City. ANZ said Vietnam is the second of six markets to transition to ANZ ownership after the RBS acquisition was completed in the Philippines late last month.
The company is acquiring the 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.
ANZ chief executive officer Asia Pacific, Europe and America Alex Thursby said the company was making good progress executing its plans in the four remaining markets where its is acquiring larger businesses.
“Vietnam is a priority market for ANZ and the acquisition strengthens our Institutional team and client base,” Mr Thursby said.
”We also have a strong organic growth agenda in Vietnam which includes opening our newest branch today in Ho Chi Minh City.”
ANZ said it expects to complete the next acquisition in Hong Kong before the end of March 2010 and in the remaining markets by mid-2010.
The company said the new branch at Kumho Asiana Plaza in Ho Chi Minh City is a full-service branch. ANZ has ten branches and outlets in Vietnam.
As at 1122 AEDT, ANZ shares were up 16c to $22.14.
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