DBS Bank has successfully completed the purchase of ANZ’s retail and wealth business in Hong Kong.
The addition of the ANZ wealth customers, staff and AUM in Hong Kong represents a 17% increase in DBS’ wealth AUM.
The migration in Hong Kong was successfully conducted over the weekend of 9 / 10 September – making this the third market of the transaction in which ANZ’s portfolio of retail and wealth businesses in Singapore, Hong Kong, China, Taiwan and Indonesia was transferred over to DBS.
The first market to complete the migration was China on 17 July, followed by Singapore on 7 August.
DBS said the overall transaction is progressing well and remains on track for full completion in all remaining markets by early 2018.
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