4 Aug 2009

ANZ in $A550m buying spree from RBS

12:26 pm on 4 August 2009

The ANZ Banking Group is buying various businesses in Asia from Royal Bank of Scotland, for about $A550 million.

It says the deal is a major step towards its goal of generating a fifth of its revenue in Asia by 2012.

ANZ has agreements to buy retail, wealth and commercial businesses from RBS in Taiwan, Singapore, Indonesia and Hong Kong, and institutional businesses in Taiwan, Philippines and Vietnam.

In May, ANZ raised about $A2 billion in a share sale to fund the acquisition and strengthen its balance sheet.

Shares in ANZ were placed on a trading halt on Tuesday morning and rose 1% after the announcement.