- On Tuesday, 4 August 2009 ANZ announced an agreement to acquire selected businesses in six key Asian markets from Royal Bank of Scotland Group (RBS) for US$750 million in cash.
- ANZ will acquire the RBS retail, wealth and commercial businesses in Singapore, Indonesia and Hong Kong, and RBS wealth, commercial and institutional businesses in Taiwan, the Philippines and Vietnam.
- The businesses ANZ will acquire represent 54 branches, A$4.0 billion in loans and A$8.9 billion in deposits serving a client base of around 2 million.
- This acquisition builds on ANZ’s presence in the Asia Pacific region and complements its existing businesses across Greater China, Indochina and South East Asia.
- ANZ is one of just 11 AA-rated banks and just one of just a handful of banks around the world with the strategy and financial strength to take advantage of the opportunities that are emerging in Australia and the Asia Pacific region.
- Buying these businesses will be a significant stepping stone towards our objective to be a super regional bank and will transform our wealth and retail banking platform in the region.
What will this acquisition mean for our customers?
- The combined ANZ and RBS business will give customers the confidence of knowing they are dealing with a stable, AA-rated bank that will have a larger network and stronger capabilities across the region.
- It will also allow us to extend its cross-border capabilities and provide a wider range of financial products, including wealth management products and solutions.
- The acquisition complements our existing institutional bank with relationships and linkages across 30 countries globally.
- This is an exciting time for ANZ and our customers. We believe the RBS business together with ANZ’s capabilities can deliver significant value for you and we look forward to updating you about new products and services in time.
- We will also continue to look for opportunities to build and strengthen our position in Australia and New Zealand (ANZ is already the largest listed company in New Zealand and one of the four major banking groups headquartered in Australia).
What will happen next?
- The acquisition will be completed on a country-by-country basis following approvals from local regulators. ANZ hopes to gain these approvals progressively from late-2009.
- All RBS branded products and branches will migrate to the ANZ brand as soon as possible after completion.
- In the meantime, nothing will change and RBS customers will continue to deal with the same people in the same way.
About ANZ in the Asia Pacific region
- ANZ is the leading Australian bank in Asia and a leading bank in the Pacific.
- ANZ’s strategy is to be a super regional bank by 2012 by building on its strengths in Australia, New Zealand and in Asia Pacific.
- ANZ has had operations in Asia for more than 40 years and is well established with businesses in 32 markets across Asia Pacific.
- In addition to its own business, ANZ has a successful strategy of building strong banking networks in the region; including significant shareholdings. Partnerships include PT Panin Bank in Indonesia, AmBank in Malaysia and the Bank of Tianjin and Shanghai Rural Commercial Bank in China.
The Indonesian business will be acquired through ANZ’s 85%-owned subsidiary, PT ANZ Panin Bank. ↩