Singapore-headquartered and listed lender DBS Bank Ltd (DBS) announced on Monday that it has completed the acquisition of Australia & New Zealand Banking Group Ltd (ANZ)’s wealth management and retail banking businesses in Singapore, Hong Kong, Mainland China, Taiwan, and Indonesia.
In a statement, DBS said the last tranche of the migration was successfully conducted in Indonesia over the weekend, with ANZ transferring its portfolio of businesses to DBS.
The migration of businesses from ANZ to DBS started in July 2017, with the target of working towards a full completion of the acquisition in all markets by early 2018.
In October 2016, DBS said it will pay $79 million above the book value for the ANZ businesses. ANZ has been financially structuring its businesses through cutting both inefficient assets and investments into other institutions.
“With the successful acquisition of ANZ’s wealth management and retail banking business, about 90 percent of deposits, assets under management, and loans from ANZ were transferred to DBS,” the Singapore lender said.
DBS added that 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.
“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,” said Tan Shu Shan, Group Head of Consumer Banking & Wealth Management at DBS.
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, Tan added.