The Australia and New Zealand Banking Group (ANZ) has announced on Monday its accomplishment on the acquisition of the Royal Bank of Scotland (RBS) on its retail and commercial businesses in Singapore.

The acquisition will also follow RBS assets in the Philippines, Vietnam, Hong Kong and Taiwan.

"ANZ is now a leading international bank in Singapore with more than 300,000 customers and strong positions in retail banking, wealth management, private banking, commercial and institutional banking," Chief executive Alex Thursby of Asia Pacific, Europe and America explained.

ANZ will also shell out $687 million for RBS's Asian assets last August, sttaing it would help boost the bank's operating income to five per cent.

"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, and a hub for our product businesses and support functions," Mr. Thursby said, after receiving an approval from the regulatory board for the Singapore purchase.

ANZ will officially commence its branch operations in Singapore today.

ANZ provides banking, finance, credit card, and mortgage services for personal, commercial, and rural customers in Australia, New Zealand, and the Asia Pacific regions.