ANZ acquires RBS’ Vietnam business
07 Dec 2009
With the acquisition of Royal Bank of Scotland Group's (RBS) Vietnam business, ANZ Banking Group Ltd has opened its 10th branch in the country as it continues to take over RBS' Asian assets.
The completion of the Vietnam transaction marks the second of the six markets to change hands between the two lenders, after ANZ acquired Philippines division in November.
According to ANZ chief executive officer Asia Pacific, Europe and America, Alex Thursby, the bank was progressing well in extension of its reach in Vietnam and across the region in general.
He said the bank had completed the acquisition in two of the six markets and was making good progress in executing its plans in the four remaining markets where it is acquiring larger businesses.
He added that Vietnam was a priority market for the bank and the acquisition strengthened its institutional team and client base. It also had a strong organic growth agenda in Vietnam which included opening its newest branch in Ho Chi Minh City.
According to the bank, its tenth branch in Vietnam, a full service branch, is located at Kumho Asiana Plaza in Ho Chi Minh City. ANZ first established its presence in Vietnam in 1993.
ANZ expects to complete the next acquisition in Hong Kong by March 2010.
ANZ paid around $550 million for RBS retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong. The deal also included institutional business in Taiwan, the Philippines and Vietnam.
