DBS ANZ Acquisition

Acquisition of ANZ Retail Banking & Wealth Management Business

Information and Updates

DBS ANZ Acquisition

On 31 October 2016, DBS Bank Ltd (DBS) announced that it has agreed to acquire the retail banking and wealth management business of ANZ for approximately SGD 110 million above book value in 5 markets: Singapore, Hong Kong, China, Taiwan and Indonesia. The transaction is targeted for full completion in all markets by early 2018. In Hong Kong, the transfer is expected to be completed in September 2017. For details, please refer to the Press Release.

About DBS

DBS is a leading financial services group in Asia, with more than 280 branches across 18 markets, including around 50 branches in Hong Kong. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific.

DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank was also named “Safest Bank in Asia” by Global Finance for eight consecutive years from 2009 to 2016, won Private Banking Excellence by Bloomberg Businessweek in 2015 and 2016 and was recognised as “Best Wealth Manager, Hong Kong” at The Asset’s Private Banking and Wealth Management Awards 2016.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

General FAQ

How long will the acquisition process take? As an ANZ customer, do I need to do anything?

The transfer of ANZ’s Hong Kong Retail and Wealth business will take effect from Saturday, 9 September 2017, subject to the successful migration between ANZ and DBS. For now, it is business as usual and there will be no immediate impact on your banking relationship with ANZ. ANZ will provide further updates if there will be changes to your existing banking arrangements with them.

I am currently an ANZ customer. Why should I move to DBS?

In both retail banking and wealth management, DBS is well placed to provide you with an expanded product suite and a wider network in the region. When the transfer is completed, you will benefit from DBS' extensive consumer and private banking product offering and services. You will also gain access to a network of more than 280 branches across 18 markets, including around 50 branches in Hong Kong.

The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank was also named “Safest Bank in Asia” by Global Finance for eight consecutive years from 2009 to 2016, won Private Banking Excellence by Bloomberg Businessweek in 2015 and 2016 and was recognised as “Best Wealth Manager, Hong Kong” at The Asset’s Private Banking and Wealth Management Awards 2016.

During the interim, what will happen to my existing products and services with ANZ (e.g. payments, loans, investment products and cross border accounts)?

There will be no immediate changes to your banking relationship with ANZ. The existing terms and conditions, repayments, interest rates, fees and charges, as well as benefits, will continue to apply until further notice. You can continue banking with ANZ before the transition date.

DBS will work closely with ANZ to ensure a seamless transition, and you will be notified by ANZ if there will be changes to your existing banking arrangements with them.

What should I do if I already have banking relationships with both DBS and ANZ?

In the near term, your relationships with both DBS and ANZ remain unchanged. You will be notified by ANZ if there will be changes to your existing banking arrangements with them.