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RETAIL BANKING | Jason Oliver, Singapore
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RBS Weath in Singapore sold to ANZ

After months of negotiations, ANZ has been confirmed as the buyer of RBS' wealth and retail operations in Singapore, Indonesia, Taiwan, and Hong Kong for $687 million.Also included in the acquisition are RBS's institutional banking businesses in Taiwan, the Philippines, and Vietnam. Commenting on the businesses, ANZ chief executive Mike Smith said, "They complement ANZ's existing businesses across greater China, Indochina and South East Asia and provide our franchise with further growth momentum."Smith remarked, "The acquisition of these RBS businesses is a further stepping stone in our super regional strategy and creates a new platform for our retail and wealth businesses in Asia." With takeovers expected to be completed progressively starting late this year, ANZ is looking at additional earnings per share within two years of takeover completion.According to a report by The Daily Telegraph, the purchase price equated to approximately 1.1 times the recapitalised net tangible book value, with the final purchase price to be based on the net tangible book value at completion. "The businesses are an attractive portfolio of well provisioned banking assets at a reasonable price," added Smith.

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