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DBS completes ANZ unit acquisition

DBS Bank said it has completed the migration of ANZ Bank’s wealth management and retail banking business in Singapore. DBS had in October 2016 bought the business in Singapore, Hong Kong, China, Taiwan and Indonesia. DBS said the transaction is progressing well and remains on track for full completion in all remaining markets by early 2018. The process involved transferring ANZ customer databases to DBS while staff moved their belongings to the DBS site. DBS chief executive Piyush Gupta had said once the acquired business from ANZ is fully integrated with DBS, another $20 billion of assets under management will be added to its pool. The merger will also add about 1.3 million customers to DBS’ client list, including about 100,000 of those deemed to be affluent or private wealth customers.

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