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DBS Bank completes integration of ANZ's portfolio in Singapore, China

DBS Bank Ltd. has completed the integration of Australia & New Zealand Banking Group Ltd.'s wealth management and retail banking businesses in two Asian markets.

DBS Bank said Aug. 7 that it has integrated the Australian group's portfolio of businesses in Singapore in the weekend of Aug. 5, following the transfer of the China portfolio on July 17.

The acquisition of ANZ's businesses in Hong Kong, Taiwan and Indonesia will be completed by early 2018, as with the lender's original plan, according Tan Su Shan, group head of consumer banking and wealth management at DBS.

In October 2016, DBS Bank said it would acquire ANZ's businesses in five Asian markets for approximately S$110 million above book value.

DBS Bank is a unit of DBS Group Holdings Ltd.

As of Aug. 7, US$1 was equivalent to S$1.36.