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ANZ on track to wrap up acquisition of RBS's Indonesian ops in June--CEO.

MANews-(C)2009-2010

Australia and New Zealand Banking Group (ASX:ANZ) is on its way to close the purchase of UK Royal Bank of Scotland's (LON:RBS) operations in Indonesia in June 2010, AZN's chief executive, Mike Smith, said on Thursday in a statement.

AZN will spend USD100m (EUR75m) to close the deal, seen as key to the bank's growth strategy in Asia, Smith said.

AZN has already wrapped up the acquisition of RBS's unit in Hong Kong, and it hopes to close the purchase of RBS's operations in Taiwan in April and of the unit in Singapore in May, as part of its plan to expand in Asia, the CEO added.

In Indonesia, AZN will expand its banking business to 28 branches in 11 cities, and will also develop its trade and supply chain finance, cash management, foreign exchange and debt capital markets and corporate banking operations.

AZN is present in Indonesia through its unit PT ANZ Panin Bank, of which it owns 85%, Reuters said.

Country: Indonesia;

Sector: Banking/Financial Services

Target: RBS unit in Indonesia

Buyer: Australia and New Zealand Banking Group Limited

Vendor: Royal Bank of Scotland Group plc

Type: Corporate acquisition

Status: Agreed

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Publication:M & A Navigator
Date:Mar 25, 2010
Words:198
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