ANZ buys Royal Bank of Scotland Asia assets

ANZ acquires select RBS assets in Hong Kong, Indonesia, the Philippines, Singapore, Taiwan and Vietnam for $550 million.

Australia and New Zealand Banking Group ANZ has ended months of speculation by announcing that it has bought a selection of Royal Bank of Scotland's RBS Asia assets.

ANZ will pay $500 million plus a $50 million premium for select RBS assets in Hong Kong, Indonesia, the Philippines, Singapore, Taiwan and Vietnam. The total price is about 1.1 times book value.

Specifically, the bank is acquiring RBS's retail and commercial businesses in Hong Kong, Indonesia,...

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