ANZ acquires RBS in Vietnam

RBS Vietnam became the second of six markets to transition to ANZ ownership after the acquisition of RBS Philippines.

ANZ is also acquiring the RBS 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.

"We have now completed the acquisition in two of the six markets and we are making good progress executing our plans in the four remaining markets where we are acquiring larger businesses," said ANZ Chief Executive Officer Asia Pacific, Europe and America Alex Thursby said.

"Vietnam is a priority market for ANZ and the acquisition strengthens our Institutional team and client base. We also have a strong organic growth agenda in Vietnam which includes opening our newest branch in Ho Chi Minh City," he added.

ANZ expects to complete the next acquisition in Hong Kong before the end of March 2010 and in the remaining markets by mid-2010.

ANZ CEO Greater Mekong and CEO Vietnam Thuy Dam said: "We welcome our new clients and staff who join us from RBS. They join ANZ at an exciting time in Vietnam as we continue to grow and open branches."

ANZ also opened a new branch at Kumho Asiana Plaza in Ho Chi Minh City, a full-service branch, and will provide another convenient access point for its retail and corporate banking clients.