DBS Bank Ltd (DBS) today announced that it has successfully completed the acquisition of ANZ’s retail and wealth business in Hong Kong.
Since the announcement of the acquisition in October 2016, the respective teams at both DBS and ANZ have been working closely together to ensure a smooth and seamless transition. DBS had earlier announced that it would acquire the retail and wealth business of ANZ in Singapore, Hong Kong, China, Taiwan and Indonesia.
The migration in Hong Kong was successfully conducted over the weekend of 9-10 September and this was the third market of the transaction in which ANZ’s portfolio of businesses was transferred over to DBS. The first market to complete the migration was China on 17 July, followed by Singapore on 7 August. The transaction is progressing well and remains on track for full completion in all remaining markets by early 2018.
Sebastian Paredes, CEO of DBS Bank (Hong Kong) Limited, said, “The successful integration marks an important milestone, as we welcome the addition of a significant base of wealth customers, staff and AUM in Hong Kong, representing a 17% increase in our wealth AUM. With our solid wealth management franchise, smart and holistic
solutions, and our leadership in leveraging digital innovation, we are well positioned as a leading wealth manager in Hong Kong.”
Royce Teo, Managing Director and Head of Consumer Banking Group and Wealth Management, Hong Kong, of DBS Bank (Hong Kong) Limited, said, “We are delighted to welcome our new customers and colleagues to DBS. With our broader branch network, more tailored solutions, award-winning digital initiatives and a full suite of universal banking products, this is an exceptional opportunity for us to continue offering best-in-class service, advice and solutions to our customers.”
Januar Tjandra, Managing Director and North Asia Head of Private Banking, of DBS Bank (Hong Kong) Limited, said, “This acquisition has allowed us to further enhance our private banking position in the North Asia growth market. Thanks to the success of our highly integrated wealth management business model, experienced and talented employees, and customised service offerings, this acquisition has been well received. We are pleased to welcome our new customers and colleagues to DBS.”
Photo 1: Sebastian Paredes (eighth left), Chief Executive Officer of DBS Bank (Hong Kong) Limited, Piyush Gupta (ninth left), Chief Executive Officer, DBS Group, Pearlyn Phau (seventh right), Deputy Group Head of Consumer Banking Group and Wealth Management of DBS Bank, Royce Teo (sixth right), Head of Consumer Banking Group and Wealth Management, Hong Kong of DBS Bank (Hong Kong), Su Shan Tan (fifth right) Group Head of Wealth Management of DBS Bank, and Januar Tjandra (second right), North Asia Head of Private Banking, DBS Bank (Hong Kong) announced the successful completion of ANZ’s retail and wealth business in Hong Kong.
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, is among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney in 2016. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for eight consecutive years from 2009 to 2016.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.