DBS Bank is acquiring the wealth management and retail banking business of Australia and New Zealand Banking Group (ANZ) in five Asian markets. DBS Bank said these markets would be Singapore, Hong Kong, China, Taiwan and Indonesia. It said it will pay about S$110 million above book value of the business. It said it will benefit from the deal as it would add S$23 billion of wealth assets to its books, taking its total wealth assets under management (AUM) to S$182 billion. The deal will also increase its high net worth clients by S$6 billion, taking its high net worth AUM to S$115 billion. The acquisition would also increase the bank’s client base. The bank will become a leading wealth manager in Asia and will have a rapid scale-up of its digital strategy in both Indonesia and Taiwan. ANZ in a statement said it will take a net loss of A$265 million on the deal. It added that the deal would allow it to focus more on its institutional banking business in the continent.
