ANZ completes acquisition of RBS Philippines

RBS in the Philippines became the first of six markets to transition to ANZ ownership. ANZ is acquiring the Royal Bank of Scotland retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong, and the institutional businesses in Taiwan, the Philippines and Vietnam for approximately US$550 million.

"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," said ANZ Chief Executive Officer Asia Pacific, Europe and America Alex Thursby.

"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," Mr Thursby added.

ANZ expects to complete the acquisition in Vietnam before the end of 2009 and in the remaining markets by mid-2010.

ANZ has re-branded the RBS Philippines business to ANZ's new global brand and integrated it into ANZ's 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.