By Eric Johnston
ANZ expects to have the bulk of regulatory approvals for last year's $US550 million acquisition of Royal Bank of Scotland's businesses in Asia finalised over the next three months.
The bank today said it had received regulatory approval to complete its acquisition of RBS' Singapore and Taiwanese businesses.
The Monetary Authority of Singapore has awarded ANZ a full qualifying licence allowing it to operate a bank in Singapore.
Taiwan's Financial Supervisory Commission has also given the all clear to ANZ's RBS Taiwan acquisition.
In August, ANZ paid $US550 million for several Royal Bank of Scotland assets across Asia.
ANZ chief executive officer Asia Pacific, Europe and America Alex Thursby said the bank was pleased with the progress it had made on the RBS acquisitions and said the regulatory approvals were important milestones for the bank in Singapore and Taiwan.
“Singapore plays an important role in ANZ's strategy as a banking and wealth management centre for our affluent retail and private bank clients, a focal point for our institutional clients, and a hub for our product businesses and support functions," Mr Thursby said.
“Taiwan is a key market in our greater China strategy and the acquisition gives ANZ a substantial Taiwan business with more than one million customers and a sizeable commercial and institutional client base.”
ANZ was last week given in-principle approval for a foreign banking licence in India.
That licence will allow ANZ to provide a range of retail and wholesale banking services in India. ANZ plans to set up its first branch office in Mumbai within 12 months, subject to regulatory approval.
ejohnston@theage.com.au
The Age