ANZ completes acquisition of RBS units in Singapore

Lender expands presence in the state by taking over RBS's retail and commercial businesses.

ANZ on Monday announced the completion of its acquisition of The Royal Bank of Scotland's (RBS) retail and commercial businesses in Singapore, with six ANZ branches now open for business in Singapore, according to an ANZ report.

ANZ CEO Asia Pacific, Europe and America Alex Thursby said: "ANZ is now a leading international bank in Singapore with more than 300,000 customers and strong positions in retail banking, wealth management, private banking, commercial and institutional banking.

"ANZ believes in building long-term relationships with customers and our immediate priority is to deepen our relationship with the thousands of Singaporeans - from private investors and families, to managers and business owners - who join ANZ Monday.

"Our new customers in Singapore will benefit from ANZ's extensive Asia Pacific network and the confidence and backing that comes from our standing as one of the world's safest banks," Mr Thursby said.

ANZ officially opens its new Singapore branches with a ceremony at the ANZ Raffles Place branch to be attended by government representatives from Australia and New Zealand including the Governor-General of New Zealand, the Hon. Sir Anand Satyanand.

ANZ has re-branded the five RBS branches and 19 ATMs and moved customers and staff to ANZ with minimal disruption. Former RBS customers retain their existing relationship managers and can continue to access branches, internet banking and ATMs as well as the Singapore ATM network. ANZ has also introduced its ANZ Signature Priority Banking service for affluent retail customers.

Singapore is the fifth of six markets where RBS businesses have transitioned to ANZ following the completion of the RBS acquisitions in the Philippines, Vietnam, Hong Kong and Taiwan.

ANZ expects to complete the remaining acquisition in Indonesia in June.

ANZ established operations in Singapore in 1974 and now offers a full range of banking services covering retail, wealth, commercial, institutional and private banking.  ANZ has six branches in Singapore, comprising the five former RBS branches and a private bank branch. Singapore is also a hub for ANZ's retail, wealth and private bank businesses in the Asia Pacific region. ANZ has more than 2,000 staff in Singapore.