Australia’s ANZ on Tuesday agreed to buy part of Royal Bank of Scotland’s Asian banking assets for $550m in a deal which bolsters its strategy to become a “super-regional” lender, reports the FT. ANZ will buy RBS units in Taiwan, Singapore, Indonesia,  HK, the Philippines and Vietnam. Bloomberg adds that RBS is selling or shutting businesses in two-thirds of the 54 countries in which it operates after posting the biggest loss in UK history last year. ANZ shares rose 1.5% to A$19.28 near midday in Sydney.

This entry was posted by Gwen Robinson on Tuesday, August 4th, 2009 at 5:06 and is filed under Capital markets, M&A. Tagged with anz, rbs. Edit this entry.