DBS Bank announced that it has successfully completed the acquisition of ANZ’s retail and wealth business in Hong Kong.
Since the announcement of the acquisition in October 2016, the respective teams at both DBS and ANZ have been working closely together to ensure a smooth and seamless transition.
DBS had earlier announced that it would acquire the retail and wealth business of ANZ in Singapore, Hong Kong, China, Taiwan and Indonesia.
The migration in Hong Kong was successfully conducted over the weekend of 9-10 September and this was the third market of the transaction in which ANZ’s portfolio of businesses was transferred over to DBS the bank said in a statement.
Assets Under Management Boosted
The first market to complete the migration was China on 17 July, followed by Singapore on 7 August. The transaction is progressing and remains on track for full completion in all remaining markets by early 2018.
«The successful integration marks an important milestone, as we welcome the addition of a significant base of wealth customers, staff and AUM in Hong Kong, representing a 17 percent increase in our wealth AUM,» said Sebastian Paredes, CEO of DBS Bank (Hong Kong).
