ANZ to rebrand RBS acquisitions

10 August 2009

Australia & New Zealand Banking Group (ANZ) intends to rebrand the Royal Bank of Scotland Indonesia assets it purchased earlier this week, its Asia Pacific chief executive has stated.

Speaking to a media briefing, Alex Thursby stated that the aim is to "combine the acquired businesses and call it ANZ", Reuters reports.

"We will go through regulatory approvals first," Mr Thursby stated, adding that the bank's aim is to have a balance of around 55 per cent institutional and operations and 45 per cent retail and wealth businesses in the Asia Pacific region.

He added that ANZ intends to adopt a similar strategy in India, once it has received its banking license.

The deal for the assets, which was completed on August 4th, saw AZN acquire RBS' retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong - as well as institutional operations in Taiwan, the Philippines and Vietnam - for a price of around $550 million.

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