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, Singapore and Taiwan, and its institutional business in the Philippines, Taiwan and Vietnam. These include 54 branches, loans worth $3.2 billion, deposits worth $7.1 billion and approximately two million clients.
The acquisition of...