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DBS takes over ANZ wealth management business in Indonesia
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DBS Bank has acquired Australian and New Zealand Banking Group’s (ANZ) wealth management business in Indonesia, Singapore, Hong Kong, China, and Taiwan for US$79.02 million. (dbs.com/-)
T
he Singapore-based DBS Bank has acquired Australian and New Zealand Banking Group’s (ANZ) wealth management business in five Asia-Pacific countries, including Indonesia, for US$79.02 million.
The four other countries are Singapore, Hong Kong, China and Taiwan. The acquisition is to be completed in the second quarter of 2017, after securing approval from the financial authority of each country.
DBS head of consumer banking and wealth management Tan Su Shan said the acquisition would bring an additional $16.52 billion asset under management (AUM) into DBS, increasing its AUM to $130.76 billion.
This acquisition will continue to strengthen our leadership and also provide access for ANZ costumers to varied solutions and universal banking products […] At the same time, this transaction gives us significant customer platforms in Indonesia and Taiwan," he said in a press statement on Monday.
DBS Indonesia, he further elaborated, would get 410,000 new customers, multiplying the number of its customers by six times. As for DBS Taiwan, the acquisition will bring an additional 530,000 customers.
"This is a milestone for DBS Indonesia, it will contribute significantly for our franchise development," DBS Indonesia president director Paulus Sutisna said, adding that most of ANZ customers transferred to DBS through the acquisition were credit card users. (ags)
