DBS acquires ANZ retail and wealth business in Asia

Tan Su Shan, DBS

Singapore-based DBS Bank is purchasing the retail and wealth business of Australia and New Zealand-based banking group ANZ in Singapore, Hong Kong, China, Taiwan and Indonesia for approximately SGD 110 million ($ 79 million) “above book value”.

The exact number has not been released but the portfolio includes total deposits of SGD 17 billion (US $ 12.2 billion), loans of SGD 11 billion (US $ 7.9 billion), fixed assets (assets under management) of 6 .5 billion SGD …

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