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.