Australia and New Zealand Banking Group has won regulatory approvals to go ahead with its planned acquisition of the Royal Bank of Scotland's Taiwan and Singapore businesses.

Both the Monetary Authority of Singapore and the Financial Supervisory Commission of Taiwan granted full qualifying licenses that would allow it to establish a Singapore-based bank and push through with its takeover of RBS' Taiwan units, the company said in a statement.

ANZ last year sought to buy RBS' assets in Hong Kong, Indonesia, Taiwan, Singapore, the Philippines and Vietnam for $550 million and has since completed takeovers of businesses in the Philippines and Vietnam.

"Singapore plays an important role in ANZ's strategy as a banking and wealth management centre for our affluent retail and private bank clients, a focal point for our institutional clients, a hub for our product businesses and support functions," said Alex Thursby, the chief executive officer for Asia Pacific, Europe and America.

"Taiwan is a key market in our greater China strategy and the acquisition gives ANZ a substantial Taiwan business with more than one million customers and a sizable commercial and institutional client base," Mr Thursby added.

The regulatory go-ahead comes on the heels of an in-principle approval to establish ANZ's very first branch office in Mumbai, India this year, as reported earlier by WealthBriefing Asia.