VIVAnews - The Australian and New Zealand Banking Group Limited (ANZ) has officially acquired several businesses at the Royal Bank of Scotland Group plc. (RBS) in Asia, valuing US$550 million dollar, which covers retail, wealth management, commercial and institutional business.
"This is a major step in the super regional strategy to create our retail and wealth management business in Asia," said ANZ'a chief executive officer Mike Smith in a teleconference in Hong Kong on Tuesday, Aug. 4.
The acquisition covers retail, wealth and commercial business at Taiwan, Singapore, and Indonesia RBS and institutional business in Taiwan, the Philippines, and Vietnam. The RBS business in Indonesia will be also acquired by ANZ Panin Bank, ANZ's subsidiary which owns 85 percent shares.
The acquisition also reassures about its 2 million costumers. "They will be supported by the combination of RBS' skillful staff and ANZ's regional network capability," he said.
Each acquisition is still waiting the regulator's approval, which is predicted to be finished in the end of 2009.
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Translated by: Ariyantri E. Tarman
