ANZ migration to DBS on track for full completion by early 2018

ANZ's wealth management and retail banking business in Singapore was migrated across to DBS Bank over the weekend, said the Singapore lender yesterday.

The process involved transferring ANZ customer databases to DBS while staff moved their belongings to the DBS site.

DBS acquired the Australian bank's business in five markets - Singapore, Hong Kong, China, Taiwan and Indonesia - last October.

DBS said in a statement yesterday: "The respective teams at both DBS and ANZ have been working closely together to ensure a smooth and seamless transition... (It) is progressing well and remains on track for full completion in all remaining markets by early 2018."

DBS chief executive Piyush Gupta said last week that once the acquired business from ANZ is fully integrated with DBS, another $20 billion of assets under management (AUM) will be added to its pool.

The move will also add about 1.3 million customers to DBS' client list, including about 100,000 of those deemed to be affluent or private wealth customers, the bank had said previously.

Wealth management has given local banks a boost in recent years as they seek to grow AUM and fee income, while foreign players find it tougher to keep up.

DBS has been scaling up over the years. In 2008, it acquired the sound assets of Bowa Bank in Taiwan. It then took over Royal Bank of Scotland's retail and commercial banking businesses in China in 2010 and bought Societe Generale's Asian private banking operation in 2014.

Ms Tan Su Shan, DBS group head of consumer banking and wealth management, said: "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."

A version of this article appeared in the print edition of The Straits Times on August 08, 2017, with the headline 'ANZ migration to DBS on track for full completion by early 2018'. Print Edition | Subscribe