Banking giant DBS announced that it has successfully migrated ANZ's wealth management and retail banking businesses in its home base in Singapore.
To recall, the bank agreed to acquire the wealth management and retail banking business of ANZ in five markets for approximately S$110 million.
ANZ's portfolio of businesses being acquired is in Singapore, Hong Kong, China, Taiwan and Indonesia and represents total deposits of S$17 billion, loans of S$11 billion, investment assets under management (AUM) of S$6.5 billion and total revenue of S$825 million for the past financial year.
The migration in Singapore was conducted over the past weekend and was the second market of the transaction in which ANZ's portfolio of businesses was transferred over to DBS. To recall, DBS completed the migration ANZ's business in China last July.
DBS Group Head of Consumer Banking & Wealth Management Tan Su Shan said the transaction is progressing well and remains on track for full completion in all remaining markets by early 2018.
"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," Tan said in a statement.
He furthered, "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."
Over the past five years, DBS has grown its wealth management business, making it amongst the top five private banks in Asia. With the acquisition of ANZ, DBS will add S$23 billion in wealth AUM to its books, with high net worth clients accounting for S$6 billion.
Additionally, the deal will boost a large customer franchise to DBS in Indonesia and Taiwan, which are key markets for the bank.
In Indonesia, DBS will be able to get about 410,000 customers whilst in Taiwan, the bank will add around 530,000 customers. A large portion of these customers comprises credit card users.