Australia and New Zealand Banking Group (ANZ),
Australia’s third largest bank by assets, has completed its
acquisition of Royal Bank of Scotland’s (RBS) retail and commercial
businesses as the bank continuesthe expansion of its
Asia-Pacific network.

The move follows acquisitions in the
Philippines, Vietnam, Hong Kong and Taiwan, with the bank expecting
to complete the remaining acquisition in Indonesia in June.

ANZ reportedly agreed to pay $550m for RBS’s
Asian assets last August, saying it would boost the bank’s
operating income by about 5%. 

“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,” said Alex Thursby, the bank’s Asia-Pacific,
Europe and America chief executive. 

“Our new customers in Singapore will benefit
from ANZ’s extensive Asia Pacific network and the confidence and
backing that comes from our standing as one of the world’s safest

ANZ has re-branded the RBS branches and 19
ATMs, with former RBS customers able to continue accessing
branches, internet banking, ATMs and the Singapore ATM5 network –
an ATM network shared by the country’s big banks including Maybank
and Standard Chartered.     

ANZ obtained in-principle approval for
an international banking licence in India (see RBI 628), paving the way for the bank
to re-enter the country for the first time since it sold Grindlays
Bank in 2000.

ANZ has also introduced its ANZ ‘Signature
Priority Banking’ service for affluent retail customers.