On October 31, 2016, DBS Bank announced that it will purchase Australia and New Zealand Banking Group’s wealth management and retail banking business in Singapore, Hong Kong, China, Taiwan and Indonesia.
DBS Bank (“DBS”) will pay Australia and New Zealand Banking Group approximately SGD 110 million above book value for such businesses. For DBS, the transaction will add SGD 17 billion of deposits, SGD 11 billion of loans, SGD 6.5 billion of assets under management, and SGD 825 million of total revenue for the 2016 fiscal year. Moreover, the wealth management and retail banking businesses that DBS will acquire currently service about 1.3 million customers, including 100,000 affluent/private wealth individuals and 1.2 million retail customers. The transaction is expected to close by early 2018, subject to regulatory approvals in each jurisdiction.
Headquartered in Singapore, DBS is financial services group with more than 280 offices in 18 markets. Considered one of the top five private banks in Asia, DBS focuses on consumer, SME and corporate banking.
To read the press release: please click here.