DBS completes acquisition of ANZ’s Asia businesses
Singapore’s DBS Bank has completed its acquisition of ANZ’s wealth management and retail banking businesses across five Asian markets – a deal first announced back in October 2016.
The successful transfer of ANZ franchises in Singapore, Hong Kong, Mainland China, Taiwan, and Indonesia sees 90 per cent of deposits, assets under management, and loans from ANZ now transferred to DBS, the bank said.
DBS group head of consumer banking and wealth management, Tan Su Shan, said the deal will support DBS’ expansion interests in some of Asia's key growth markets.
“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,” Tan said.
“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, Tan said.
Tan said ANZ customers would likewise benefit from DBS' "commitment to digital innovation and service excellence".
DBS has gained about 370,000 customers in Indonesia from the transfer, as well as around 600,000 cards in circulation. From Taiwan, DBS has added close to 520,000 customers.
The acquisition of ANZ’s five Asia businesses will boost DBS’ total wealth assets under management by 10 per cent, totalling SG$18 billion.
DBS expects to complete the full migration of ANZ businesses across the five markets by early 2018.
Announced back in October 2016, the withdrawal from East Asia was seen as a major revision of ANZ's expansion push across the region – a strategy pursued under the former chief executive, Mike Smith.
Despite the sell-off, ANZ, Australia’s fourth-largest bank, will maintain at least some presence in Asia, retaining its retail banking businesses in Vietnam, Cambodia, the Philippines, and Laos.