DBS Bank has announced it has successfully completed the migration of ANZ’s retail banking and wealth management business in Singapore.
DBS’ acquisition of ANZ’s wealth management and retail banking business was announced in October last year; included in the sale were ANZ’s Singapore, Hong Kong, China, Taiwan and Indonesia-based businesses.
The Singapore migration was successfully conducted over the weekend of August 5-6. It was the second market of the transaction in which ANZ’s portfolio of businesses was transferred over to DBS, following the migration of ANZ’s China-based business in July.
DBS remains confident it will complete a full migration in all remaining markets by early 2018.
Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS, said the migration further cements DBS’ leadership position in Singapore home base.
“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. I would like to welcome our new colleagues and customers to our DBS family.”
ANZ’s divestment of its Asia-based businesses marks the bank’s first tangible steps in realigning its “super regional” strategy pursued under former chief executive, Mike Smith.
While the final sale figure was not publicly disclosed, ANZ revealed a A$265 million loss from the DBS deal.
ANZ has yet to announce its intentions for its remaining Asia-Pacific business holdings in Cambodia, Laos, the Philippines and Vietnam.