ANZ to rebrand acquired Indonesian RBS assets

JAKARTA Aug 7 (Reuters) - Australia & New Zealand Banking Group (ANZ.AX) plans to rebrand its recently acquired RBS assets in Indonesia under the ANZ name within nine months, the bank's Asia Pacific chief executive said on Friday.

ANZ has bought some Asian units from British lender Royal Bank of Scotland (RBS.L) for $550 million, including RBS' retail, wealth and commercial businesses in Indonesia, helping it take on rivals HSBC Holdings Plc (HSBA.L)(0005.HK) and Standard Chartered Plc (STAN.L)(2888.HK) in Asia's fast-growing markets.

"We will go through regulatory approvals first and then we will rebrand. But yes, our aim is to combine the acquired businesses and call it ANZ," Asia Pacific CEO Alex Thursby told a media briefing.

According to Thursby, ANZ would not target the mass market, but focus on institutional banking and the more affluent end of the retail market.

"Generally across Asia Pacific, I would like to have a balance, around about 55 (percent) institutional and 45 (percent) retail and wealth," he said, adding that ANZ would have a similar strategy once it had obtained its banking licence in India.

ANZ bought RBS' retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong on Aug. 4. The lender also bought RBS' institutional businesses in Taiwan, Philippines and Vietnam.

The purchase was done nearly at book value, which some analysts described as a bargain.

Citigroup has said India remained a big hole in ANZ's Asian strategy.

ANZ sold its Indian operations to Grindlays, a unit of Standard Chartered, in 2000. The Australian bank hoped to be able to obtain a licence by the end of the year.

ANZ, which has a stock market value of $40.98 billion, purchased 20 RBS branches in Southeast Asia's largest economy, with around 450,000 customers and $800 million of deposits.

ANZ previously had 9 branches in Indonesia. (Reporting by Tyagita Silka; Editing by Ed Davies)