7 August 2017

DBS Zips Up ANZ’s Singapore Book

Published by Finew.asia – 7th Aug 2017

Singapore’s largest bank said it had hoovered up the private bank and retail operations in Singapore of a New Zealand-based rival which has elected to leave Asia.

DBS Bank acquired ANZ’s wealth maangement and retail bank in five Asia countries – Singapore, Hong Kong, China, Taiwan and Indonesia – last October.

On Monday, DBS said it has finished migrating the ANZ book in Singapore over the weekend, after China was already integrated last month.

«The transaction is progressing well and remains on track for full completion in all remaining markets by early 2018,» DBS said in a statement quoting consumer and wealth management head Tan Su Shan.

The merger comes right after DBS beat quarterly profit expectations, helped in part by an extremely lean wealth management arm.