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Singapore's DBS to acquire ANZ wealth management, retail banking units

Xinhua, October 31, 2016 Adjust font size:

Singapore's biggest bank DBS said on Monday that it has agreed to acquire the wealth management and retail banking business of Australia and New Zealand Banking Group (ANZ) in five markets for 110 million Singapore dollars (79 million U.S. dollars).

The portfolio of businesses being acquired is in Singapore, China and Indonesia, which serve about 1.3 million customers, and over 100,000 among them are affluent/private wealth customers while 1.2 million are retail customers.

With the acquisition, DBS will add 23 billion Singapore dollars (16.5 billion U.S. dollars) in wealth asset under management (AUM) to its books, with high net worth clients accounting for 6 billion Singapore dollars (4.3 billion U.S. dollars).

The bank said it will take DBS' high net worth AUM and total wealth AUM to 115 billion Singapore dollars (82.6 billion U.S. dollars) and 182 billion Singapore dollars (130.7 billion U.S. dollars) respectively.

DBS expected the transaction to create significant value for the bank. Tan Su Shan, Group Head of Consumer Banking and Wealth Management of DBS, believed this acquisition will further cement the bank's leadership position.

"At the same time, the transaction provides us with a significant consumer platform in Indonesia and Taiwan that will enable us to more quickly build out our digital agenda," she added.

ANZ Group Executive Asia Retail and Wealth David Hisco noted this transaction represents a great opportunity for ANZ's customers and majority of the staff in the region to fully benefit from a progressive and dynamic bank.

Subject to obtaining regulatory approvals, the transaction is expected to be completed from the second quarter of 2017, and the target is for full completion in all markets by early 2018. Endit