Singapore's largest lender wrapped up the acquisition of ANZ’s wealth management and retail banking business in five Asian countries.
DBS acquired the Australian bank's wealth management arm in Singapore, Hong Kong, China, Taiwan and Indonesia 16 months ago. Now, the Singaporean bank said it has wrapped up the deal, after migrating ANZ's Indonesian book onto its platform over the weekend.
As a result, the Singaporean bank won roughly 370,000 customers in Indonesia and bulked up its cards business portfolio by around 600,000 cards. In total, DBS claims to have transferred about 90 percent of deposits, assets under management and loans from ANZ.
Last week, DBS reported total assets under management of S$206 billion, with ANZ contributing roughly S$18 billion of the total.
