ANZ acquires RBS Philippines
(24 November 2009 – Asia) ANZ has announced the completion of its acquisition of the Royal Bank of Scotland Group plc (RBS) business in the Philippines.
ANZ announced in August that it would be 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 (A$599 million).
The Philippines is the first of the six markets to completely transition to ANZ.
Alex Thursby, chief executive officer, ANZ Europe and America, said that the RBS acquisition is an important step in the bank’s super regional strategy and the completion in the Philippines shows ANZ’s plans to integrate the businesses are on track.
Since the acquisition was announced the bank has been working with local authorities to obtain the necessary regulatory approvals and executing the integration plans so that it can bring customers and staff across to ANZ with minimal disruption.
The group expects to complete the acquisition in Vietnam before the end of 2009 and plans to have completed the deals in the remaining markets by mid 2010.
As part of the transition ANZ has re-branded the RBS Philippines business to be in line with the group’s new global brand.
The former RBS customers have been transferred to the ANZ in the Philippines and will continue to access existing loan facilities, investments and deposits.
The current Philippines branch was established in 1990 and offers full service corporate banking, trade finance and treasury services.
ANZ also holds a 40 percent stake in the Metrobank Card Corporation; the group is one of the leading credit card issuers in the Philippines.
The Philippines is the first of the six markets to completely transition to ANZ.
Alex Thursby, chief executive officer, ANZ Europe and America, said that the RBS acquisition is an important step in the bank’s super regional strategy and the completion in the Philippines shows ANZ’s plans to integrate the businesses are on track.
Since the acquisition was announced the bank has been working with local authorities to obtain the necessary regulatory approvals and executing the integration plans so that it can bring customers and staff across to ANZ with minimal disruption.
The group expects to complete the acquisition in Vietnam before the end of 2009 and plans to have completed the deals in the remaining markets by mid 2010.
As part of the transition ANZ has re-branded the RBS Philippines business to be in line with the group’s new global brand.
The former RBS customers have been transferred to the ANZ in the Philippines and will continue to access existing loan facilities, investments and deposits.
The current Philippines branch was established in 1990 and offers full service corporate banking, trade finance and treasury services.
ANZ also holds a 40 percent stake in the Metrobank Card Corporation; the group is one of the leading credit card issuers in the Philippines.
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