ANZ Bank To Pay A$1.1 Billion For RBS Asia Assets

Australia and New Zealand Banking Group Ltd. (ANZ.AU) will say as soon as Monday that it has agreed to buy banking assets from Royal Bank of Scotland (RBS) in six Asian countries for around A$1.1 billion, the Australian Financial Review reported Saturday.

Citing people close to the deal, the newspaper said Melbourne-based ANZ will buy RBS's banking operations in the Philippines, Hong Kong, Singapore, Taiwan, Indonesia and Vietnam. The report said RBS hopes to complete the sale of its Asian retail and commercial banking operations before its Aug. 7 annual results.

It is also in talks to sell branches in India, China and Malaysia to Standard Chartered (2999.HK), which are also expected to conclude next week. ANZ raised A$4.7 billion through an equity capital-raising announced in May, which was partly earmarked for expanding the group's operations in Asia. ANZ Bank - Austraila's fourth largest bank by market capitalization - hopes to generate 20% of revenue outside Australia and New Zealand by 2012.

-By Lyndal McFarland, Dow Jones Newswires; lyndal.mcfarland@dowjones.com

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