ANZ acquires RBS in Singapore
May 17, 2010 4:44 PM EST
Australia & New Zealand Banking Group Ltd. (ANZ) announced the completion of its acquisition of Royal Bank of Scotland PLC's (RBS) retail and commercial businesses in Singapore as it officially opens its Singapore branches today.
ANZ said it has rebranded five RBS branches and 19 ATMS. It has moved customers and staff to ANZ with minimal disruption.
In August last year, ANZ agreed to pay $687 million for RBS's Asian assets, saying they would boost the bank's operating income by about five per cent. The proposed acquisition gained regulatory approval last March.
"ANZ is now a leading international bank in Singapore with more than 300,000 customers and strong positions in retail banking, wealth management, private banking, commercial and institutional banking," Asia Pacific, Europe and America chief executive Alex Thursby said.
With the deal, ANZ expands its growing presence in Asia Pacific region. ANZ has purchased RBS assets in the Philippines, Vietnam, Hongkong and Taiwan.
In August 2009, ANZ announced it has agreed to acquire the banking assets of RBS in six Asian countries, as part of its strategy to become a super regional bank and to counter slowing growth in its domestic market.
ANZ predominantly services Australian and New Zealand customers, but is steadily building on its presence in the Asia-Pacific. It is one of the Big Four banks in Australia and is the largest bank in New Zealand. ANZ provides banking and financial products and services to its more than six million customers, including business, corporate and institutional clients.
To contact the editor, e-mail:
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Tesco Facing Crisis After Chairman Quits Citing Accounting Scandal In The Retail Giant
- #Snapgate: iPad Air 2 Breaks While Undergoing Bend Test
- Australian Federal Court Fines Reebok $350,000 & Orders Refunds For Shoe Endorsed By Miranda Kerr That Claims Unproven Health Benefits
- Perth Call Centre Staff Bad In English And Not Philippine And Indian Counterparts, Telstra Boss Says
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions
- ISIS Syria Airstrike Bombing Has Killed 550 People, Civilians Included
- Russia Blocking OSCE Monitoring Of Its Border With Ukraine
- Russia Slams US 'Double Standards' In The Fight Against ISIS