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ANZ has agreed to buy some of the Royal Bank of Scotland's units in Asia for around $US550 million ($NZ822 million).
The potential acquisition was rumoured earlier this year. The Royal Bank of Scotland, which is 70% owned by the UK government, said it was pulling back to its core markets and had invited ANZ, along with HSBC Holdings and Standard Chartered, to participate in the sales process.
The deal includes Royal Bank of Scotland's retail, wealth and commercial businesses in Singapore, Taiwan, Indonesia and Hong Kong, and institutional businesses in Taiwan, Philippines and Vietnam.
ANZ CEO Mike Smith says the deal will accelerate the bank's "super regional strategy" announced in 2007 and give it a platform for its retail and wealth businesses in Asia.
"This acquisition...involves the businesses that we wanted from the Royal Bank of Scotland process, in markets that we know well with regulatory approval processes which we believe are achievable for ANZ," says Smith.
The ANZ bank earlier this month raised $AU2.2 billion (NZ$2.72 billion) in capital via a share purchase plan to fund its growth plans and strengthen its balance sheet.
