5 Aug 2009

ANZ buys more assets in Asia

12:46 pm on 5 August 2009

Australian bank ANZ is continuing to expand in Asia, paying $US550 million for some of Royal Bank of Scotland's assets in the region.

ANZ's purchase will give it access to 54 branches across the region.

The purchase will add $460 million to the bank's operating income and take it close to its goal of generating a fifth of its revenue from Asia by 2012.

Chief executive Mike Smith says Asia is expected to lead the world out of recession.

The deal is part of a growing trend of European banks exiting Asian operations as the credit crisis forces them to focus on their home markets.