No benefit from RBS in 2010
The six regional banking businesses ANZ bought from Royal Bank of Scotland in Asia, and settled over the course of late last year and early this year, will make no impact on profit in 2010, ANZ disclosed yesterday.Wayne Stevenson, chief financial officer for the Asian business, in slides published in connection with the Asian investment tour, said the profit from RBS, the projections for which he did not mention, would flow in 2011.There's a couple of confusing slides on the profit and loss for each of the institutional and retail businesses in Asia, though they do show that profit from institutional banking is rising over three years and profit from retail banking is falling.The financial presentation did not touch on one of the key details from the bank's March 2010 half-year financials, which showed that the reported profit for "Asian partnerships" was slightly more than for the whole of the Asian geographic region. So there must be some losses around the bank's Asian businesses.