DBS completes migration of ANZ's wealth and retail business

It was successfully conducted on August 5 and 6.

DBS Bank announced that it has completed the migration of ANZ’s wealth management and retail banking business in Singapore.

Since the announcement of the acquisition in October 2016, the respective teams at both DBS and ANZ have been working closely together to ensure a smooth and seamless transition. DBS had earlier announced that it would acquire the wealth management and retail banking business of ANZ in five markets in Singapore, Hong Kong, China, Taiwan and Indonesia.

Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS said the migration in Singapore was successfully conducted over the weekend of August 5-6 and was the second market of the transaction in which ANZ’s portfolio of businesses was transferred over to DBS.

The first market to complete the migration was China on July 17. The transaction is progressing well and remains on track for full completion in all remaining markets by early 2018.

“Over the past few months, we have been working towards a smooth and seamless transition, and I’m delighted that our businesses in two markets are being successfully integrated. This migration will further cement our leadership position in Singapore. 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," Tan noted.

He added, "As per our original plans, we are on track to complete the full migration in all markets by early 2018.”