ANZ completes Vietnam acquisition

ANZ Banking Group Ltd (ANZ) has opened its tenth branch in Viet Nam and completed its acquisition of the Royal Bank of Scotland's (RBS) Viet Nam businesses.

The bank in August announced it would pay $US550 million ($A665.58 million) for six of RBS's Asia units spanning retail, wealth management and commercial businesses in Taiwan, Singapore, Indonesia and HongKong as well as RBS's institutional banking businesses in the Philippines and Viet Nam.

ANZ, already Australia's biggest bank in Asia, completed its acquisition of RBS's Philippines business on November 23.

ANZ's chief executive for Asia Pacific, Europe and America, Alex Thursby, said the bank was making good progress toward completing the acquisitions of the four remaining RBS units and expects to complete the next acquisition in Hong Kong before the end of March 2010.

The acquisition of the three remaining markets by mid-2010.

"Viet Nam is a priority market for ANZ and the acquisition strengthens our Institutional team and client base," Mr Thursby said.

The bank said its tenth branch in Viet Nam is a full service branch located at Kumho Asiana Plaza in Ho Chi Minh City.

ANZ established its first office in Viet Nam in 1993.

- AAP