ANZ Philippines signs EDC for $175 million

In the Philippines, Energy Development Corp, the country’s largest producer of geothermal energy, has signed a $175 million loan facility with the Australia and New Zealand Banking Group (ANZ). 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. ANZ has since added 49 branches, 1.6 million customers and $6.5 billion in customer deposits as a result of the acquisition. The Philippines portion of the acquisition was completed in November 2009.