On 4 August 2009, ANZ announced it had reached agreement with the Royal Bank of Scotland Group plc (RBS) to acquire selected RBS businesses in Asia delivering on its strategy to be a leading super regional bank by 2012.
The acquisition includes the RBS retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia* and Hong Kong, and the institutional businesses in Taiwan, the Philippines and Vietnam.
The sale is subject to regulatory approvals in each market with completion anticipated progressively from late-2009. Once the two businesses are combined, ANZ will be able to better meet the needs of clients living or doing business across Asia.
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*The Indonesian business will be acquired through ANZ’s 85%-owned subsidiary, PT ANZ Panin Bank.