ANZ continues off-shore growth
March 25, 2010
Australia and New Zealand Banking Group Limited (ANZ) is pushing ahead with plans to make the company Australia’s largest foreign bank. As a part of this plan, CEO Mike Smith said ANZ would invest up to US$100 million in capital in Indonesia during 2010 to complete the acquisition of the Royal Bank of Scotland (RBS) retail and commercial businesses in Indonesia and to accelerate organic growth.
Mr Smith said Indonesia’s economy was resilient during the economic downturn, had a large domestic market and had relatively low dependence on external trade.“Economic growth in Indonesia is expected to reach approximately 5.6% in 2010," Mr Smith said.
We are optimistic about the economy’s prospects which are supported by the Government’s commitment to infrastructure development and to continued economic reform.”
Trade between the two countries totaled US$8.7 billion in 2008, Mr Smith noted – an increase of 10% from the prior year.
“Given this, Indonesia will be one of ANZ’s most important markets as part of our objective to become a super regional bank.”
Mr Smith said the acquisition of the RBS interest in Indonesia was on track to be completed by June 2010.
Currently ANZ operates in Indonesia through its 85% owned subsidiary PT ANZ Panin Bank, trading as ANZ.
At the close Thursday, ANZ shares were trading at $25.35.
Mr Smith said Indonesia’s economy was resilient during the economic downturn, had a large domestic market and had relatively low dependence on external trade.“Economic growth in Indonesia is expected to reach approximately 5.6% in 2010," Mr Smith said.
We are optimistic about the economy’s prospects which are supported by the Government’s commitment to infrastructure development and to continued economic reform.”
Trade between the two countries totaled US$8.7 billion in 2008, Mr Smith noted – an increase of 10% from the prior year.
“Given this, Indonesia will be one of ANZ’s most important markets as part of our objective to become a super regional bank.”
Mr Smith said the acquisition of the RBS interest in Indonesia was on track to be completed by June 2010.
Currently ANZ operates in Indonesia through its 85% owned subsidiary PT ANZ Panin Bank, trading as ANZ.
At the close Thursday, ANZ shares were trading at $25.35.
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