Australia and New Zealand Banking Group (ANZ) has completed the acquisition of the Royal Bank of Scotland Group (RBS) business in the Philippines. Philippines is the first of six markets to transition to ANZ ownership after the acquisition of selected RBS businesses in Asia was announced in August.
ANZ 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 $550m.
ANZ has re-branded the RBS Philippines business to ANZ’s new global brand and integrated it into its existing Manila branch. Former RBS clients have been transferred to ANZ in the Philippines and will continue to access existing loan facilities, investments and deposits.
Alex Thursby, CEO of Asia Pacific, Europe and America at ANZ, said: “The RBS acquisition is an important step in our super regional strategy and the completion in the Philippines shows our plans to integrate the businesses are on track.
“Since the acquisition was announced, we’ve been working with local authorities to obtain the necessary regulatory approvals and executing our integration plans so that we can bring customers and staff across to ANZ with minimal disruption. 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.”
ANZ also expects to complete the acquisition in Vietnam before the end of 2009 and in the remaining markets by mid-2010.
