DBS completes migration of ANZ’s wealth management and retail banking business in Singapore
Transaction is progressing well and remains on track for full completion in all markets by early 2018
SINGAPORE,07 August 2017 -
DBS Bank Ltd (DBS) today announced that it has successfully completed the migration of ANZ’s wealth management and retail banking business in Singapore.
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 wealth management and retail banking business of ANZ in five markets in Singapore, Hong Kong, China, Taiwan and Indonesia.
The migration in Singapore was successfully conducted over the weekend of August 5-6 and was the second 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 July 17. The transaction is progressing well and remains on track for full completion in all remaining markets by early 2018.
Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS, said, “Over the past few months, we have been working towards a smooth and seamless transition, and I’m delighted that our businesses in two markets are being successfully integrated. 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. As per our original plans, we are on track to complete the full migration in all markets by early 2018.”
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 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
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