Australian bank ANZ has bought ABN AMRO’s
private banking business in Taiwan, as part of a wider purchase of
Royal Bank of Scotland’s (RBS) retail, wealth, commercial and
institutional bank.
The private banking arm was previously joined
to the retail, wealth, commercial and institutional businesses,
prior to the sale of ABN AMRO to a consortium including RBS in
2007, and remains closely connected, sharing systems and
technology.
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The private bank acquisition gives ANZ a
private banking team based in Taipei, Taichung and
Kaohsiung to develop its private banking business in Greater
China.
Taiwan offers the third-largest wealth
management market in the region and the number of high net worth
individuals is expected to double from 2009 to 2012 with improved
China-Taiwan relations.
According to central bank statistics, net
inflow of funds into Taiwan totalled $4.65 billion in the second
quarter of 2009 – the highest level since 1985.
International banks such as HSBC, UBS,
Citibank and Standard Chartered Bank are already active in the
Taiwanese market and competition is stiff.
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By GlobalData
