An expansion bid into the Philippines appears to be paying off for ANZ.Energy Development Corp, the Philippines' largest producer of geothermal energy, has signed a $US175 million loan facility with the Australia and New Zealand Banking Group (ANZ).In a s
An expansion bid into the Philippines appears to be paying off for ANZ.
Energy Development Corp, the Philippines’ largest producer of geothermal energy, has signed a $US175 million loan facility with the Australia and New Zealand Banking Group (ANZ).
In a statement today, EDC said that the three-year loan was for corporate funding purposes, including the repayment of maturing loans.
The signing comes off the back of a completed ANZ takeover of Royal Bank of Scotland (RBS) assets in six Asian countries –part of a RBS firesale in the wake of the global financial crisis.
ANZ has added 49 branches, 1.6 million customers and $US6.5 billion in customer deposits as a result of the acquisition.
The Philippines portion of the acquisition was completed in November 2009.
In January this year, ANZ Philippines became the first foreign bank to be granted a universal banking license for operations in the region, and a Manila operations hub is planned for July 2010.
Speaking in April, ANZ regional CEO Alex Thursby described the Philippines as one of the world’s leading business processing destinations.
“The Manila hub will allow us to tap into Manila’s large, well-educated workforce to help support our continuing growth in the region,” he said.
EDC reported a phP3.37 billion ($NZ104 million) net profit for the year ending December 2009, and supplies around 60% of the country’s electricity needs.
