ANZ to acquire selected RBS businesses in Asia (PDF 76kB)
Australia and New Zealand Banking Group Limited (ANZ) today announced it had reached agreement with the Royal Bank of Scotland Group plc to acquire selected RBS businesses in Asia for around US$550 million (A$687 million).
Key points
Acquisition includes the RBS retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia1 and Hong Kong, and the institutional businesses in Taiwan, the Philippines and Vietnam.
Purchase price of around US$550 million (A$687 million)2 being a US$50 million (A$62 million) premium to the fully provided recapitalised net tangible book value.
Purchase price equates to around 1.1 times the fully provided recapitalised net tangible book value.
Final purchase price will be based on the net tangible book value at completion. • Portfolio of businesses represents 54 branches, US$3.2 billion (A$4.0 billion) in loans and US$7.1 billion (A$8.9 billion) in deposits serving a client base of approximately 2 million affluent and emerging affluent clients.
Funded from proceeds of the recent institutional share placement and the Share Purchase Plan. Post-acquisition ANZ’s pro forma 31 March 2009 Tier 1 capital ratio is 9.5%.3
Expected to be Cash EPS accretive within two years post-completion.
Subject to regulatory approvals in each market with completions anticipated progressively from late-2009.