DBS' assets balloon to $206b after ANZ deal
It also gained 890,000 customers from Indonesia and Taiwan.
DBS completed its acquisition of ANZ’s wealth management and retail banking business in five markets in Singapore, Hong Kong, Mainland China, Taiwan and Indonesia.
According to a press release, this has caused its assets under management (AUM) and loans to balloon to $206b, with $18b coming from ANZ.
Over 90% of ANZ's staff in the five markets also moved over to DBS.
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.
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.