ANZ: Talks With Royal Bank Of Scotland Progressing, Incomplete
July 09 2009 - 1:38AM
Dow Jones News
Australia and New Zealand Banking Group Ltd. (ANZ.AU) said
Thursday talks to buy some of Royal Bank of Scotland Group Plc's
(RBS.LN) Asian assets are progressing but remain incomplete.
In a statement, Melbourne-based ANZ said it raised A$2.2 billion
through its share purchase plan, which was more than originally
flagged. Chief Executive Mike Smith said this was a "strong
endorsement of ANZ's super regional strategy".
The group has been in talks buy RBS' commercial and retail
banking operations. It hasn't said which countries it wants to buy
in, but Smith recently said that the lender is targeting general
growth in countries including Taiwan, Hong Kong, Singapore,
Indonesia and Vietnam.
ANZ also said that, while the economic outlook remains subdued
and unpredictable, it is sticking to its previous guidance on bad
debt provisioning. It said in late May it expects its second half
provisioning charge to be around 20% higher than the A$1.435
billion charge booked for the six months to March 31.
-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093;
lyndal.mcfarland@dowjones.com
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