DBS concludes migration of ANZ wealth and retail banking businesses in Singapore

Singapore’s DBS Bank has wrapped up the migration of ANZ’s wealth management and retail banking operations in Singapore.

The deal involves acquisition of retail banking and wealth management businesses of ANZ in Singapore, Hong Kong, China, Taiwan and Indonesia. The transaction, valued at around SGD110m ($80.8m), was announced in October 2016.

The transfer of these ANZ businesses to DBS has already been completed in China last month.

The bank plans to conclude the migration in the other markets by early 2018.

DBS group head of consumer banking & wealth management Tan Su Shan said: “This migration will further cement our leadership position in Singapore. 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.”