Australia & New Zealand Banking Group reportedly wants to place its newly-acquired Royal Bank of Scotland assets in Indonesia under the ANZ brand, according to Reuters.

For a reported $550 million, ANZ bought retail, wealth and commercial businesses from RBS in Taiwan, Singapore, Indonesia and Hong Kong as well as the bank's institutional operations in Taiwan, the Philippines and Vietnam.

Together the aquisitions represent 54 branches, two million affluent clients, $3.2 billion in loans and $7.1 billion in deposits.

According to a company spokesman, the new purchases will be grouped together as ANZ and rebranding will begin as soon as possible after completion. However the regulatory approval process may take until the second quarter of 2010 to finalise.

Asia pacific chief executive, Alex Thursby, reportedly told a media briefing that ANZ wants a 55 to 45 per cent balance between institutional and operations businesses and its retail and wealth operations in the region -as well as in India, pending a banking licence.