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August 5, 2009

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Home » Business » Finance

Australian lender to buy assets of RBS

AUSTRALIA and New Zealand Banking Group Ltd said yesterday it had agreed to buy some Asian businesses of the Royal Bank of Scotland in a US$550 million deal that advances the lender's regional expansion strategy.

The acquisition will give one of Australia's largest banks control over 54 branches around the region, US$3.2 billion in loans and US$7.1 billion in deposits serving about 2 million clients.

ANZ Chief Executive Mike Smith said the deal is a "further stepping stone" in the bank's Asian strategy.

RBS was bailed out by the British government amid the financial crisis and is selling off assets.

Melbourne-based ANZ will buy RBS's retail, wealth management and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong, as well as RBS's institutional banking businesses in Taiwan, the Philippines and Vietnam.


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