DBS Bank Ltd (DBS) today announced that it 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.
The latest migration was successfully conducted in Indonesia over the weekend of 10-11 February in which ANZ’s portfolio of businesses was transferred over to DBS. Since July 2017, DBS has been working towards a full completion of the migration in all markets by early 2018.
With the successful acquisition of ANZ’s wealth management and retail banking business, about 90% of deposits, assets under management and loans from ANZ were transferred to DBS. As of December 2017, DBS’ total wealth assets under management were SGD206 billion, with SGD18 billion coming from ANZ. More than 90% of ANZ staff in the five markets also moved over to DBS.
The acquisition has added a large customer franchise to DBS in Indonesia and Taiwan, which are key markets for the bank. In Indonesia, DBS gained about 370,000 customers. The cards portfolio being transferred over to DBS Indonesia is also significant, with around 600,000 cards in circulation. In Taiwan, DBS added close to 520,000 customers.
Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS, said, “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.”
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. 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 nine consecutive years from 2009 to 2017.
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 its 24,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.