DBS Bank Ltd has announced that it has successfully completed the acquisition of ANZ’s wealth management and retail banking business in five markets in Singapore, Hong Kong, Mainland China, Taiwan and Indonesia.

The latest migration was successfully conducted in Indonesia over the weekend of 10-11 February in which ANZ’s portfolio of businesses was transferred over to DBS. Since July 2017, DBS has been working towards a full completion of the migration in all markets by early 2018.

With the successful acquisition of ANZ’s wealth management and retail banking business, about 90% of deposits, assets under management and loans from ANZ were transferred to DBS. As of December 2017, DBS’ total wealth assets under management were SG$206 billion (approx. US$155 billion), with SG$18 billion coming from ANZ. More than 90% of ANZ staff in the five markets also moved over to DBS.

The acquisition has added a large customer franchise to DBS in Indonesia and Taiwan, which are key markets for the bank. In Indonesia, DBS gained about 370,000 customers. The cards portfolio being transferred over to DBS Indonesia is also significant, with around 600,000 cards in circulation. In Taiwan, DBS added close to 520,000 customers.

Tan Su Shan, group head of consumer banking & wealth management of DBS, says: “This acquisition takes our business to the next level and gives us access to a sizable number of new customers, especially in our key markets like Indonesia and Taiwan. It also gives ANZ’s wealth customers access to more tailored solutions and a full suite of universal banking products supported by Asian insights, research and investment advice. Customers will also stand to benefit from our commitment to digital innovation and service excellence.”

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