DBS Completes Acquisition of ANZ Wealth and Retail Business in Asia
DBS Bank has successfully completed the acquisition of ANZ’s wealth management and retail banking business in five markets in Singapore, Hong Kong, Mainland China, Taiwan and Indonesia. In December 2017, DBS’ total wealth AUM were S$206 billion, with S$18 billion coming from the ANZ acquisition.
” DBS AUM Grew S$18 Billion after ANZ Acquisition “
About 90% of deposits, loans and AUM from ANZ were transferred to DBS. More than 90% of ANZ staff in the five markets were also moved to DBS. The acquisition has added a large customer franchise to DBS in Indonesia and Taiwan, which are key markets for the bank. DBS gained about 370,000 customers in Indonesia and 520,000 customers in Taiwan.
Since July 2017, DBS has been working towards a full completion of the migration in all markets by early 2018.
Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS”
“First of all, I would like to welcome our new colleagues and customers to our DBS family! Since we announced the transaction back in October 2016, we have been working towards a smooth and seamless transition across the five markets and I’m delighted that our businesses are being successfully integrated. This acquisition takes our business to the next level and gives us access to a sizable number of new customers, especially in our key markets like Indonesia and Taiwan. It also gives ANZ’s wealth customers access to more tailored solutions and a full suite of universal banking products supported by Asian insights, research and investment advice. Customers will also stand to benefit from our commitment to digital innovation and service excellence.”
Source: Official Press Release
About DBS Bank
DBS Bank Ltd (SGX:D05) is a Singaporean multinational banking and financial services company. The company was known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank. Founded in 1968, DBS acquired POSB (Post Office Savings Bank) in 1998. With over 280 branches across 18 markets in Asia, DBS serves over four million customers in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia.
- Origin : Singapore
- Assets : SGD 458 billion
- Revenue : SGD 10.8 billion
- Employees : 22,000
Official Website: www.dbs.com