Australia and New Zealand Banking Group (ANZ) has completed the acquisition of Royal Bank of Scotland Group’s (RBS) business in Vietnam. ANZ has also opened its 10th branch in Ho Chi Minh City, Vietnam. ANZ expects to complete the next acquisition in Hong Kong before the end of March 2010 and in the remaining markets by mid-2010.
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 as announced in August.
Alex Thursby, CEO of Asia Pacific, Europe and America at ANZ, said: “We have now completed the acquisition in two of the six markets and we are making good progress executing our plans in the four remaining markets where we are acquiring larger businesses.
“Vietnam is a priority market for ANZ and the acquisition strengthens our institutional team and client base. We also have a strong organic growth agenda in Vietnam which includes opening our newest branch today in Ho Chi Minh City.”
Thuy Dam, CEO of Greater Mekong and Vietnam at ANZ, said: “We welcome our new clients and staff who join us from RBS today. They join ANZ at an exciting time in Vietnam as we continue to grow and open branches. The new branch at Kumho Asiana Plaza in Ho Chi Minh City is a full-service branch and will provide another convenient access point for our retail and corporate banking clients.”
