ANZ shares rose 3% yesterday, or 57 cents to $19.57 after the bank confirmed it had paid around $A690 million to the Royal bank of Scotland for assets in six Asian countries.
ANZ Bank said it was buying the banking assets in Singapore, Taiwan, Indonesia, Hong Kong, the Philippines and Vietnam (where it already has a growing banking business).
The businesses represent 54 branches with $US3.2 billion in loans and $US7.1 billion in deposits serving about 2 million clients, ANZ said in yesterday’s statement.
Besides an interest in Saigon Securities and Sacombank, the ANZ has stakes in Shanghai Rural Commercial Bank and Malaysia’s AMMB Holdings Bhd.
The ANZ also has 38% of PT Panin Bank in Indonesia and 40% of a credit-card venture with Metropolitan Bank & Trust Co. in the Philippines. It also started a bank in Cambodia through a venture with the Royal Group.
In China, ANZ Bank owns 19.9% of Shanghai Rural Commercial Bank and 20% of Tianjin City Commercial Bank.
It has previously said it plans to open 20 branches in China by 2012 and is applying for regulatory approval to establish a wholly owned, locally incorporated bank subsidiary in the world’s third-biggest economy.
ANZ Chief Executive Officer Mike Smith said in a statement “The acquisition of these RBS businesses is a further stepping stone in our super regional strategy and creates a new platform for our retail and wealth businesses in Asia.
“When we announced our super regional strategy in late 2007, we said that execution would be based on a targeted, disciplined process.
“This acquisition is consistent with our strategy and involves the businesses that we wanted from the RBS sale process, in markets that we know well with regulatory approval processes which we believe are achievable for ANZ."
The bank has raised $4.5 billion in new capital in the past year.
HSBC Bank Australia says its first half pre-tax profit rose 9% despite the sluggish economy.
Profit before tax rose to $119 million in the first six months of calendar 2009, from $109 million in the same period last year, as revenue rose 22%.
"We also increased market share in core product areas despite an increase in loan impairment charges, the trend for deleveraging and slowing demand for credit seen in the market," chief executive Paulo Maia said in a statement yesterday.
The bank said profit from personal financial services was 17 million, up from $16 million previously, but its commercial banking business reported earnings of $13 million, down from $37 million.
"Economic uncertainty in the first half of 2009 saw more customers drawn to HSBC as a result of our global financial strength, our relationship banking and the seamless access we provide to global products and services across multiple markets," Mr Maia said.
