ANZ Bank (ASX:ANZ) has completed the acquisition of the Royal Bank of Scotland’s Philippine branches, in the first stage of the $600 million acquisition of RBS’s Asian operations.
The company added that it expects to conclude the acquisition of RBS’s Vietnam business before the end of the year, and in the remaining four markets by mid-2010.
The company purchased RBS’s Asian operations – which include units in the above nations as well as Taiwan, Singapore, Indonesia and Hong Kong – for US$550 million (now $598.8 million) in August.
ANZ has integrated RBS’s Philippines business into ANZ’s existing Manila branch, the company said.
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